Essential Requirements

• Consideration in contract law


  Something of value exchanged between parties to a contract. It can be a promise, an act, or a forbearance, and it forms the basis of a legally enforceable contract.
• Advantages of the consideration doctrine


  • Mutuality: Ensures both parties provide something of value, promoting fairness
  • Intent: Serves as evidence of the parties' intent to create a legally binding agreement
• Disadvantages of the consideration doctrine


  • Formalistic: Focuses more on the existence of consideration than fairness or equity
  • Complexity: Determining sufficient consideration can be complex, leading to uncertainty and disputes
• Advantage of consideration doctrine - mutuality:


  Ensures both parties provide something of value, promoting fairness
• Advantage of consideration doctrine - intent:


  Serves as evidence of the parties' intent to create a legally binding agreement
• Advantage of consideration doctrine - prevents gratuitous promises:


  Discourages agreements lacking in reciprocal value exchange
• Disadvantage of consideration doctrine - formalistic:


  Focuses more on the existence of consideration than fairness or equity
• Disadvantage of consideration doctrine - restrictive:


  May limit enforcement in cases of nominal consideration or absence of direct value exchange
• Disadvantage of doctrine precedent - complexity


  Determining sufficient consideration can be complex, leading to uncertainty and disputes