Contract Law: Consideration Flashcards
1
Q
What is executed consideration?
A
- Executed consideration is a promised act that’s already been carried out
2
Q
What is executory consideration?
A
- Executory consideration is a promised act that has not yet been carried out
3
Q
What is meant by the courts take a ‘Laissez Faire’ approach?
A
- Courts take a laid back approach
4
Q
What is the P.O.L in the case Chappell v Nestle?
A
- The Kit-Kat wrappers wanted in exchange for records formed part of the consideration due to Nestle’s increased sales and therefore had economic value in the eyes of the law
5
Q
What is the P.O.L in the case Thomas v Thomas?
A
- Consideration must be sufficient but need not be adequate
6
Q
What is the P.O.L in the case
White v Bluett?
A
- Love and affection has no value in the eyes of the law
7
Q
What is the P.O.L in the case Ward v Byham?
A
- Consideration is sufficient when it goes outside a pre-existing statutory duty
8
Q
What is the P.O.L in the case Roscorla v Thomas?
A
- Past consideration is not valid
9
Q
What is the P.O.L in the case Lampleigh v Braithwaite?
A
- Past consideration is valid when specifically requested by the promisor
10
Q
What is the P.O.L in the case Re Mcardle?
A
- Past consideration is not valid
11
Q
What is the P.O.L in the case Re Casey’s Patents?
A
- Past consideration is valid when payment is implied
12
Q
What is meant by a ‘Gratuitous’ contract?
A
- A contract which benefits only one of the parties
