Consideration Flashcards
When should consideration be considered
Once their is an agreement between the parties
What case would you use for when consideration is considered
Currie v Misa
What did Lord Dunedin state in the case of Dunlop v Selfridge limited
Each party must give something in return for what is gained by the other party (something of value)
What are the 5 rules of consideration
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 the consideration for a new contract
A promise to accept part payment of a pre-existing debt in place of the whole debt is not consideration
What does consideration need not be adequate but
must be sufficient mean
It must have some value
What case would you use for consideration need not be adequate but must be sufficient
Thomas v Thomas
Does consideration need to be money in order to be sufficient
No- anything of value is sufficient
What case would you use for it does not have not be money just anything of value is sufficient enough
Chappell v Nestle
What does past consideration is not a consideration mean
Consideration must be given in return for the promise
What case would you use for past consideration is not consideration
Re McArdle
What is an exception is not a consideration
Where it is at the promisor’s request and that payment will be made later
What case would you use for consideration must move from the promisee
Tweddle v Atkinson
What did the Jackson v Horizon Holidays state
If claiming for a group, the lead booker can claim for all those involved
What are the 3 pre-existing duties that cannot be a consideration for a new contract
Public duty, contractual and a promise to make a payment already
What case would you use for public duty in performing an existing duty cannot be the consideration for a new contract
Collins v Godefroy
