consideration Flashcards
what is a contract?
an agreement made by two parties which is mutually binding
what are fundamental elements of a contract?
offer, acceptance, consideration
what is consideration?
when both parties receive a benefit from a contract
when is a contract not enforceable?
when its only a gratuitous promise eg ill run the london marathon next year
what type of consideration is not accepted?
past consideration
what is executory consideration?
a promise to do something in the future
what is executed consideration?
promise that’s already happened
What consideration would a lost dog poster be for a contract to exist – executory or executed?
executed
do you you just need offer and acceptance to make a contract?
no
In a unilateral contract is performance of the action executed consideration.
yes
Past consideration can never be used in contract law.
true or false
false
when can consideration be used?
Acts done in response to previous requests will be good consideration if a promise to pay is made later.
is it consideration if you do what your meant to do?
no eg a promise not to steal from a shop
is Paying 20p for a new electric guitar consideration?
yes
