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A Level Law > Consideration > Flashcards

Consideration Flashcards

1
Q

What is consideration in contract law?

A

Consideration is something of value that is exchanged between parties in a contract.

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2
Q

True or False: Consideration must be adequate but not necessarily equal.

A

True

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3
Q

What are the two main types of consideration?

A

Executed consideration and executory consideration.

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4
Q

Fill in the blank: Consideration must move from the _______.

A

promisee

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5
Q

What is executory consideration?

A

Consideration that is to be provided in the future.

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6
Q

What is executed consideration?

A

Consideration that has already been provided.

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7
Q

True or False: Past consideration is valid consideration.

A

False

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8
Q

What case established that past consideration is not valid?

A

Re McArdle

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9
Q

What is the legal principle established in the case of Currie v Misa?

A

Consideration must be sufficient but need not be adequate.

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10
Q

Which case illustrates that consideration can be a promise to do something?

A

Carlill v Carbolic Smoke Ball Co.

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11
Q

Fill in the blank: Consideration must be _______ and _______.

A

sufficient, legal

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12
Q

True or False: A gift is a form of consideration.

A

False

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13
Q

What does ‘sufficient consideration’ mean?

A

It refers to consideration that has some value in the eyes of the law.

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14
Q

Fill in the blank: Consideration must be _______ to the contract.

A

relevant

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15
Q

What does the term ‘forbearance’ mean in the context of consideration?

A

It refers to refraining from exercising a legal right.

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16
Q

True or False: Consideration can consist of a promise not to sue.

A

True

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17
Q

What does the case of Thomas v Thomas illustrate about consideration?

A

It shows that consideration can be nominal and still valid.

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18
Q

What is the concept of ‘executory promise’?

A

A promise that is to be fulfilled in the future.

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19
Q

Fill in the blank: In a contract, consideration can be in the form of _______ or _______.

A

money, services

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20
Q

What is meant by ‘legal detriment’ in consideration?

A

It refers to a loss or disadvantage incurred by a party in a contract.

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21
Q

What does the case of Collins v Godefroy establish?

A

A public duty cannot be valid consideration.

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22
Q

True or False: Consideration can be a promise to perform an existing legal duty.

A

False

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23
Q

What is the significance of the case of Stilk v Myrick?

A

It established that performing an existing duty is not good consideration.

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24
Q

Fill in the blank: The principle of _______ prevents a party from going back on a promise made without consideration.

A

promissory estoppel

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25
Q

What is the difference between ‘executory’ and ‘executed’ consideration?

A

Executed consideration has been completed, while executory consideration is yet to be performed.

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26
Q

What is meant by ‘consideration in a contract’?

A

It refers to what each party stands to gain or lose from the contract.

27
Q

True or False: Consideration can be indirect.

A

True

28
Q

What is the significance of the case of Chappell & Co Ltd v Nestle Co Ltd?

A

It confirmed that consideration does not need to be adequate, just sufficient.

29
Q

Fill in the blank: In contract law, the term ‘reciprocal promises’ indicates _______.

A

promises made by both parties

30
Q

What is a ‘conditional promise’ in the context of consideration?

A

A promise that is contingent upon the occurrence of a specific event.

31
Q

What role does ‘intention to create legal relations’ play in consideration?

A

It ensures that parties intend for their agreement to be legally binding.

32
Q

True or False: Consideration must be in the form of a tangible object.

A

False

33
Q

What is the importance of the case of Williams v Roffey Bros & Nicholls (Contractors) Ltd?

A

It established that practical benefits can constitute valid consideration.

34
Q

Fill in the blank: The term ‘promisee’ refers to the party who _______.

A

receives the promise

35
Q

What is ‘mutuality of consideration’?

A

The requirement that both parties provide consideration in a contract.

36
Q

What does the phrase ‘part payment of a debt’ imply in terms of consideration?

A

Part payment is not sufficient consideration to discharge the whole debt.

37
Q

Which case illustrates the rule regarding part payment of a debt?

A

Foakes v Beer

38
Q

True or False: A promise made under seal does not require consideration.

A

True

39
Q

What does ‘sufficient consideration’ imply about the value of consideration?

A

It means consideration must have some value in the eyes of the law, but need not be equal.

40
Q

True or False: Consideration can be a mere token amount.

A

True

41
Q

What is the concept of ‘executory consideration’ in relation to future performance?

A

It refers to a promise to perform in the future as part of the contract.

42
Q

What does the term ‘consideration must be legal’ mean?

A

It means that the consideration must not involve illegal activities.

43
Q

Fill in the blank: A promise to do something illegal is _______ consideration.

A

not valid

44
Q

What does the term ‘detriment’ refer to in the context of consideration?

A

A loss or disadvantage suffered by a party as a result of the contract.

45
Q

True or False: An agreement without consideration is enforceable.

A

False

46
Q

What is the significance of the case of Pao On v Lau Yiu Long?

A

It established that past consideration can be valid if it was requested by the promisor.

47
Q

Fill in the blank: The concept of _______ is crucial when discussing the enforceability of promises.

A

consideration

48
Q

What case demonstrates that consideration can be based on a benefit conferred?

A

Mills v Wyman

49
Q

True or False: Consideration must be present for a contract to be valid.

A

True

50
Q

What does ‘forbearance to sue’ mean in terms of consideration?

A

It refers to the act of refraining from filing a lawsuit as a form of consideration.

51
Q

Fill in the blank: The concept of _______ can be seen in the context of a promise that leads to a detriment.

A

consideration

52
Q

What is ‘insufficient consideration’?

A

Consideration that does not meet the legal requirements to support a contract.

53
Q

True or False: A promise made without consideration can create an enforceable contract.

A

False

54
Q

What is the role of ‘intention’ in relation to consideration?

A

Intention ensures that parties intend to create a legal obligation with their consideration.

55
Q

What is the significance of the case of Baird Textiles Ltd v Marks & Spencer plc?

A

It confirmed that ongoing negotiations do not constitute consideration.

56
Q

True or False: Consideration must be tangible.

A

False

57
Q

What is the effect of the case of Re Selectmove Ltd on consideration?

A

It reinforced that part payment of a debt is not sufficient consideration.

58
Q

Fill in the blank: The doctrine of _______ protects parties from being held to a promise made without consideration.

A

promissory estoppel

59
Q

What is ‘legitimate expectation’ in the context of consideration?

A

The belief that a promise will be fulfilled based on prior dealings or representations.

60
Q

True or False: A contract can be enforceable if only one party provides consideration.

A

False

61
Q

What is the role of ‘consideration in the form of a gift’?

A

A gift does not constitute valid consideration for a contract.

62
Q

What is the significance of the case of Hamer v Sidway?

A

It demonstrated that forbearance can be valid consideration.

63
Q

Fill in the blank: The principle of _______ states that consideration must not be illegal or impossible.

A

legality

A Level Law (3 decks)

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