Contract- CONSIDERATION Flashcards
What is executed and executory?
Executed= Consideration has been carried out
Executory=Consideration will be performed in the future
What is consideration?
The thing of value that each person puts into the agreement
Currie V Misa- some right interest, profit or benefit
Consideration must be sufficient but need not be adequate, case?
Chappel v Nestle- As long as something of value is exchanged it will be good consideration
Past consideration is NOT consideration, case?
When consideration takes place before offer and acceptance
Remcardle= past consideration is not good consideration as it will not give a legally binding contract
What are 2 exceptions for past consideration?
If there is an implied promise to pay- Recaseys Patent
If the matter was urgent and you acted on the other persond request- LAMPLEIGH V BRAITHWE- Good consideration as the matter was important and if the request is fair
Performance of an existing contractual duty, case?
Stilk V Myrick= No consideration was provided by the crew members as they agree to act in emergencies so was pre existing
What is an exception for consideration?
If you do something EXTRA
What is the case for the exception?
Hartley V Ponsonby- Remaining sailors were entitled to extra consideration
If the other party avoids a detriment, case(exception) ?
Williams V roffey- consideration has not taken place
