Consideration introduction- cards checked

Question 1

What is meant by consideration?

Answer 1

-a promise is not enforceable unless made in return for something,
-Must be an exchange of benefit

Question 2

Which case defined consideration?

Answer 2

Currie V Misa

Question 3

Currie V Misa?

Answer 3

-no legal contract unless there is consideration

-in the form of a benefit gained, or detriment suffered arrangement by the parties

Question 4

What are the five rules of consideration?

Answer 4

1. Consideration need not be adequate but it must be sufficient
2. Past consideration is not good consideration
3. Must move from the promisee
4. Performing a pre-existing duty is not consideration
5. Part payment of debt does not end liability for the full amount]