Consideration

• Promisor


  Applies to both parties - each promising the other something
• Promisee


  Applies to both parties - the person to who the promise is made
• Estoppel


  being prevented from making assertions that contradict what has previously been stated as fact
• Promissory estoppel


  an equitable doctrine that stops a person from going back on a promise not supported by consideration
• Executed consideration


  an act in return for a promise
• Executory consdieration


  a promise for a promise
• executory


  where there is an exchange of promises to perform acts in the future
• Executed


  if one party preforms an act in fulfilment of a promise made by the other party
• Past consideration is no consideration
• The consideration must be sufficient but need not be adequate
• The consideration must move from the promisee. This means a person cannot sue or be sued under a contract unless they have provided consideration for it
• Preforming an existing 'public duty' will not amount to consideration. An existing duty is something you are already legally required to do
• A pre-existing 'contractual duty' will not amount to valid consideration
• exception to the rule that a pre-existing contract will not amount to valid consideration is with variations of contracts
• A promise to accept part payment of a pre-existing debt in place of the whole is not consideration
• Accordance and satisfaction


  This is where there is an agreement (accord) by both parties to end a contract, and satisfaction (consideration) that has been acted upon voluntarily
• Limitations on promissory estoppel

  • The promisee must have relied on the promise to their detriment
  • Anyone seeking a remedy must show they are equitable. Lord Denning stated 'he who comes equity must come with clean hands'