consider

• what is consideration?


  For a contract to be valid there must be a valid offer, a full and unconditional acceptance and consideration.Consideration is the 'thing of value' that each party exchanges ni order to strike their bargain. (CURRIE V MISA)Consideration can be money, an act or some other promiseThe parties= promiser and promisee must each receive a benefit and each suffer a detrimentConsideration must be 'something of value' ni the eyes of the law. (THOMAS V THOMAS)
• Must be sufficient= have 'some value'


  The courts are not concerned with whether the bargain si a good or bad one eg 1£ for a house THOMAS V THOMAS and also CHAPPELL V NESTLE - chocolate wrappers.
• Must not be past (past consideration not good consideration)

  
  

  - must not be past consideration benefit supplied prior to agreement - re macardie

  exceptions - pau on vlau

  requested to do act - benefit to be paid after

  legally enforceable promised in advance
• An implied request

  
  

  lampleigh v braithwaite - implied understanding

  e casey patent - promise after undertaken
• Consideration must move from the promisee

  TWEEDLE V ATKINSON - only person who makes promises can enforce
• Performance of an existing duty is not good consideration

  Collins v Godfrey Glasbrook Bros v Glamorgan CC - If an extra element to their existed duty is required, then there is consideration. Williams v Roffey Bros - If there is an extra benefit to the existing duty, this will be consideration for extra payment.
• 5. Consideration may be found where contractual duties are owed to a third party


  Shadwell v ShadwellScotson v pegg – An existing contractual duty owed to a third party to the contract can amount to valid consideration for a new promise.
• Consideration


  A promise to accept part payment of an existing debt in place of the whole is not good consideration
• Pinnel's Case


  • Payment of a lesser sum on the day a debt is due cannot be in satisfaction of the greater debt
  • Followed in Foakes v Beer
• Accord and satisfaction


  The accord (agreement) is ended with satisfaction(consideration) voluntarily. Accepting something other than money for the whole debt is good consideration, even if not of equal value. As seen in Central London Property Trust Ltd v High Trees House.
• Promissory estoppel


  If one party agrees to vary the contract and the other relies on that promise, the promisor cannot then retract that promise. He is estopped from breaking the promise. As seen in Re Selectmove Ltd.