consideration

• rules of consideration:

  1. consideration need not be adequate but sufficient
  2. past consideration is not good consideration
  3. consideration must move from promisee
  4. performing an existing duty cannot be consideration for a new contract
  5. consideration may be found where contractual duties are owed to a third party
• Chappell v Nestle : nothing has a finite value, so whatever parties are willing to accept is sufficient
• White v Bluett : consideration must be real and hold some value
• Ward v Byham : consideration being sufficient has been applied inconsistently
• Re Mcardle : consideration has no value if it has been done at the time of agreement
• Re Casey’s Patent : exception to the rule is where there is a request for service or an implied promise to pay