Consideration

Question 1

three requirements

Answer 1

consideration
privity
intention

Question 2

consideration

Answer 2

consideration is essential as contract law requires a bargain, not a gift. both parties will give something to the offer in an exchange.

Question 3

consideration: Currie v Misa upheld by Dunlop v Selfridge

Answer 3

“some right, interest, profit or benefit accruing to one party or some forbearance, detriment,less or responsibility given, suffered or undertaken by the other”

Question 4

consideration example

Answer 4

in everyday contracts this might be payment for goods, a service offered for payment, or a service offers in return for another service.

Question 5

consideration key terms

Answer 5

executed consideration
executory consideration

Question 6

executed consideration

Answer 6

consideration that has been performed, an act in return for a promise

Question 7

executory consideration

Answer 7

consideration that has yet to be performed, a promise for a promise