05 - Consideration

Question 1

Pollocks definition of consideration found in Pneumatic Tyre Co Ltd v Selfridge and Co Ltd.

Answer 1

‘An act or forbearance of one party, or promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable’

Question 2

Define Executory consideration:

Answer 2

Contracting parties make promises to each other to perform something in the future after the contract has been formed

Question 3

Give the Definition of Consideration as found in Currie V Misa:

Answer 3

Valuable consideration ‘may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearancem detriment, loss or responsibility given, suffered or undertaken by the other’