Consideration

Question 1

Define consideration ?

Answer 1

The price given in exchange for goods or services under a contract, or a promise to do (or not to do) something in return

Question 2

Where does the definition of consideration come from ?

Answer 2

Currie v misa (1875)

Question 3

What is executed consideration ?

Answer 3

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

Question 4

What is executory consideration ?

Answer 4

Consideration yet to be performed, a promise for a promise

Question 5

What are the 5 rules of consideration ?

Answer 5

Consideration need not be adequate but must be sufficient

Past consideration is not good consideration

Consideration must move from the promisee

Performing an existing duty cannot be consideration for a new contract

A promise to accept part payment for a pre existing debt is not consideration