Consideration

Question 1

What is consideration?

Answer 1

Where both parties must give something

Question 2

What case defined consideration?

Answer 2

Currie v Misa- some right, interest, profit or benefit

Question 3

What are the sections of consideration?

Answer 3

Must be sufficient not adequate
Past consideration
Performing a pre existing duty

Question 4

What is sufficient not adequate and case?

Answer 4

Both parties have exchanged something of value and courts can’t interfere if there’s a bad bargain
Chappel v Nestle- Wrappers were valid as they ave economic value

Question 5

What is past consideration and case? Is it valid to not?

Answer 5

Not valid if occurred before agreement was made
RE McArdle- No value and money couldn’t be recovered

Question 6

What are the exceptions under past consideration?

Answer 6

Implied promise to pay- Re Caseys Patent
Matter is important- Lamplight v Braithwait

Question 7

What is performing a pre existing duty and case? Is it valid to not?

Answer 7

Not valid if someone already had a requirement to do something
Stilk v Myrick- no consideration as pre -existing duty

Question 8

What are the exceptions under pre existing duty?

Answer 8

Extra element- Hartley v Ponsonby
To avoid detriment- Williams v Roffey