Contract Law Consideration Essay

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Contract law consideration Every contract must have consideration to be given in return for something else from the other party.For example a person to whom promise is made (the promisee) has to give some consideration to the promisor in the form of an act or in the form of a promise to enter in to a legally binding contractual agreement. “A valuable consideration may consist either in some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. “An act of forbearance or the promise thereof is the price for which the promise of the other is bought, and the promise thus given for value is enforceable”. Consideration can only be enforced with the approval from the promisee if they themselves have provided the consideration for it. A promise cannot be enforced if the consideration moved from a third party. There are three different types of consideration; executory consideration, executed consideration and past consideration. Executory consideration is a consideration that has to be given for a contract in the future. Executed consideration is a consideration that has actually given for a contract. Past consideration is an act or forbearance previously completed in the past before the promise was made. A past consideration is no consideration, thus cannot be enforceable. An example is Roscorla v Thomas (1842) 3 QB 234 case, the plaintiff sued for breach of promise but failed. The fact of this case were that the defendant made a promise to the plaintiff that the horse was sound and free from vice, but in actual the horse was vicious. The court held that the action failed since the promise was made after the sale. Consideration must be sufficient but need not be adequate, this means that the consideration must be recognized in some way by the court but doesn’t

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