Consideration Flashcards
1
Q
Define ‘Considerstion’
A
The thing of value both parties put in the contract
2
Q
Explain the two types of consideration
A
Executory - a promise for the future
Executed - already carried out
3
Q
What are the rules on consideration?
A
Must be sufficient / real
Performance of an existing contract duty
Past consideration
Part payment of a debt
Privity of a contract
4
Q
What is the ruling under White v Bluett?
A
Consideration must be real, meaning it must have some real value / still exist
5
Q
What case states consideration need not be adequate, but it must be sufficient?
A
Chappell v Nestle
