Consideration - element of contract, Business Law and Ethics

Consideration - Element of Contract

Just to an agreement to constitute a contract the common law of the England then adopted in the US, requires such, must be supported with consideration.

Exception

Although a "specialty contract" required not be supported with consideration.  Thus a contract is written, signed through one party such sealed and then delivered for the other party.

Well there are many definitions for consideration that have been given through various judges in various cases.  So now the following are some with the definitions: as;

1. Well first is "... Some right, concentration or could profit and say benefit accruing for the one party, or some forbearance or loss or say detriment or may responsibility, given, suffered or undertaken through the other", like per Lush, J., in Currie v Misa, (1875) L. R. 10 Ex. 153, at p. 162. According to an example of consideration that is constituted such a benefit accruing to one party and a detriment suffered through the other is to be found in Carlill's case

2. And second is "Consideration means something that is of some value in the eye of the law or say as moving from the plaintiff: well It may be some benefit to the defendant or may some detriment for the plaintiff, although at all events it must be moving from the plaintiff", just as Patteson. J in Thomas v Thomas.


3. Third is "I am content to adopt from a work for Sir Frederick Pollock, with which I have often been below obligation hence the following words as to consideration. Although 'An act or forbearance for one party, or the promise thereof, that is the price for through the promise of the other is bough so then and the promise thus given for value is enforceable," like per Dunedin, L.J. in Dunlop Pneumatic Tyre Co. Ltd. v. Selfridge & Co Ltd(limited).

Well now according to Sir Frederick Pollock, thought is simply the price paid through a party to a contract of the promise of the other party.  Eventually it is evident that consideration is nothing although mutuality.

Posted Date: 1/22/2013 2:44:03 AM | Location : United States







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