Consideration Essay Flashcards
1
Q
What is consideration
A
Consideration is an act by one party in exchange for the promise of an act by the other party
2
Q
Existing duty ao3
A
Performing existing duty cannot be consideration is fair.
-Stilick v Myrick
3
Q
Role of courts Ao3
A
Courts role is not to place value but to ensure parties keep to a contract
- Chappell v nestle seems ridiculous to chocolate wrapper
4
Q
A
5
Q
A
6
Q
What is a possible reform for consideration
A
Ensure every contract has fair value, consideration now must be fair not just sufficient
Moves away from freedom of contract, opens floodgates and interferes to much
