Considerations

Question 1

what is consideration

Answer 1

something of value given in exchange of a promise that turns into a legally enforceable obligation

Question 2

rules of consideration

Answer 2

1) consideration must be sufficient not adequate eg Someone agrees to sell car worth 5K for only 500

2) consideration must not be in the past

3) Must be from promisee and not third party

4) performance of a pre existing is not new consideration eg if someone is already required to do something e.g Stilk V Myrick case