492761
Description
Mind Map by chloe.crismani, updated more than 1 year ago
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Created by chloe.crismani
almost 11 years ago
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Consideration
- Exchange of promises
- A contract is only legally enforceable if it contains
'consideration'
- Exchange of values: essentially it refers to what one
party is giving or promising, in exchange for what is being
given or promised from the other side.
- Exchange of values: essentially it refers to what one
party is giving or promising, in exchange for what is being
given or promised from the other side.
- A contract is only legally enforceable if it contains
'consideration'
- Benefit and Detriment
- Consideration requires benefit and detriment.
CURRIE V MISA
- What is provided by way of consideration
should be a benefit to the person
receiving it, or a detriment to the person
giving it.
- Benefit to one party, or detriment
to the other will be enough.
- Benefit to one party, or detriment
to the other will be enough.
- What is provided by way of consideration
should be a benefit to the person
receiving it, or a detriment to the person
giving it.
- Consideration requires benefit and detriment.
CURRIE V MISA
- Consideration is required in 2 circumstances:
- 1. Forming a contract
- 2. Where the parties seek
to vary or alter an existing
contact.
- 1. Forming a contract
- Consideration principles:
- 1. Consideration must be sufficient but not adequate
- 'Sufficient' - Whether what is being
offered is recognised as sufficient in
law.
- 'Adequate' - Something which is of
equal value to the thing given in
exchange.
- 'Sufficient' - Whether what is being
offered is recognised as sufficient in
law.
- 2.Consideration must move from the
promisee (the recipient).
- 3. Consideration may be executory or exectued, but not past.
- Consideration is said to be 'executory'
when it is present in an exchange of
promises and 'executed' when it is a
promise in return of an act.
- Consideration is said to be 'executory'
when it is present in an exchange of
promises and 'executed' when it is a
promise in return of an act.
- 1. Consideration must be sufficient but not adequate
- SHADWELL V SHADWELL
- Uncle promised P a money if he
married E (already in engaged). P
married, D refused to pay.
- HELD: Uncle derived a benefit from P's change of status. Consideration found.
- HELD: Uncle derived a benefit from P's change of status. Consideration found.
- Uncle promised P a money if he
married E (already in engaged). P
married, D refused to pay.
- TWEDDLE V ATKINSON
- 2 Prospective fathers in laws promised each
other to give money to groom when he was
married. One father-in-law refused and on death
the groom sued his estate.
- HELD: groom could not sue, as he gave nothing
for the promise.
- HELD: groom could not sue, as he gave nothing
for the promise.
- 2 Prospective fathers in laws promised each
other to give money to groom when he was
married. One father-in-law refused and on death
the groom sued his estate.
- CHAPPELL V NESTLE
- Customers sent in wrappers for tokens.
- HELD: Sending in wrappers increased sale of chocolate.
Consideration found.
- HELD: Sending in wrappers increased sale of chocolate.
Consideration found.
- Customers sent in wrappers for tokens.
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