consideration

• what is the definition of consideration?

  some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other
• Which case defines Consideration?

  Currie v Misa
• consideration is essential for any valid contract, Consideration means both parties will give something to the other by way of exchange.
• what are the two types of consideration?

  Executory and Executed consideration
• What does executory consideration refer to?

  Exchange of promises to perform acts in the future
• What is meant by executed consideration?

  Where the consideration has been carried out
• What are the 5 rules of consideration?

  Consideration must be sufficient, it neednt be adequate.

  Past consideration is not good consideration

  performing an existing duty cannot be consideration for a new contract

  Consideration may be found where contractual duties are owed to a third party.
• In terms of the fact that consideration must be sufficient, but not adequate:

  • Providing consideration has some value, thecourts will not investigate its adequacy.
  • Where consideration is recognised by the lawas having some value, it is described as "real"or "sufficient" consideration. The courts willnot investigate contracts to see if the partieshave got equal value.
• What is the ratio of chapple v nestle?

  Chocolate wrappers have monetary value and as such can be used as consideration
• what is the significance of thomas v thomas?

  it is an example of sufficient consideration
• What case gives an example of effective consideration?

  Thomas v thomas
• What case shows how chocolate wrapprs can be used as consideration?

  Chapple v Nestle
• What case shows how Love and affection can be used as consideration?

  Ward v Byham
• In terms of the fact that past consideration is not good consideration:

  If one party voluntarily performs an act, and the other party then makes a promise, the consideration for the promise is said to be in the past.

  The rule is that past consideration is no consideration, so it is not valid and cannot be used to sue on a contract.
• what case shows an example of insufficient consideration?

  White v Bluett
• What is the significance of the case of white v Bluett?

  It is an example of insufficient consideration
• what is the significance of the case of Re McArdie?

  This case shows that the promise to make payment came after the consideration had been performed therefore the promise to make payment was not binding. Past consideration is not valid
• What case shows that the promise to make payment came after the consideration had been performed therefore the promise to make payment was not binding. Past consideration is not valid.

  Re McArdle
• what is the exception to the rule set in the case of Re McArdie?

  In the cases of Re Casey's patent's and Lampleigh v Braithwait - it was stated where there is an implied promise to pay for a particular task, past consideration can be deemed acceptable.
• What cases give the exception to the case of Re McArdie?

  re Casey's Patents and Lamleigh v Braithwait
• what does it mean when consideration must move from the promisee?

  The person who wishes to enforce the contract must show that they provided consideration; it is not enough to show that someone else provided consideration
• what is the case that shows how the consideration must move from the promisee?

  Tweddle v Atkinson
• What is the significance of the case of Tweddle v Atkinson?

  It shows how the consideration must move from the promisee
• what does it mean that consideration must be more than a duty?

  If someone is under a public duty to do a particular task, then agreeing to do that task is not sufficient consideration for a contract.
• What case shows how consideration must be more than a duty

  Collins v Godefroy
• What is the significance of the case of collins v Godefroy?

  It shows how the consideration must be more than a duty
• What is the significance of tge case of glesbrook bros v Glamorgan county council?

  It shows that if there is an extra element required for payment, then consideration is require
• what case shows that if there is an extra element required for payment, then consideration is required?

  Glasbrook Bros v Glamorgan
• what does it mean if consideration may be found where contractual duties are owed to a third party?

  Where someone is under a contractual duty to a third party, sometimes the performance of that duty provides good consideration.
• what is the significance of the case of Shadwell v Shadwell?

  It shows that where someone is under a contractual duty to a third party, sometimes the performance of that duty can provide good consideration.
• What case shows that where someone is under a contractual duty to a third party, sometimes the performance of that duty can provide good consideration?

  Shadwell v Shadwell
• What case shows that a promise to accept part payment of an existing debt in place of a whole debt isn't consideration?

  Pinnel's case
• what 2 things were decided in Pinnel's case?

  It was decided that a creditor is able to claim the remainder of a debt even if they have agreed with their debtor that a part payment will clear the whole debt.

  And

  A promise to accept part payment of an existing debt in place of a whole debt isn't consideration
• What case decided that a creditor is able to claim the remainder of a debt even if he/she has agreed with the debtor that a part payment will clear the whole debt?

  Pinnel's case
• what case shows how an agreement to pay a debt by instalments was no consideration for not claiming the whole debt at once?

  Foakes v Beer
• What is the significance of the case of Foakes v Beer?

  it was confirmed in this case that an agreement to pay a debt by installments was no consideration for not claiming the wholedebt at once.
• what are the two exceptions to the fact that a promise to accept part payment of an existing debt in place of a whole debt is not consideration.

  Accord and satisfaction

  Promissory Estoppel
• What is accord and satisfaction?

  Accord is where is an agreement to end a contract and satisfaction is accepting something other than money for the whole debt is good consideration, even if it not of equal value to the debt.
• What is promissory estoppel?

  if one party agrees to vary the contract and the other relies on that promise, then the promisor cannot go back on the agreement
• Which case illustrates promissory estoppel?

  Central london Property trust v High tree houses