enforceability of a contract - contract law

Question 1

0ffer plus acceptance equals what

Answer 1

agreement

Question 2

what is consideration?
the same as a valid offer and acceptance a contract needs consideration. there is not a valid contract if there is consideration therefore it is an important as acceptance and the offer.

Answer 2

the same as valid offer and acceptance a contract needs consideration. there is not a valid contract if not consideration therefore it is an important as acceptance and the offer.

Question 3

in this context what is consideration

Answer 3

essentially making a promise in exchange for something.
HINT - REMEBER CONSIDERATION AS THE THING THAT EACH PARTY IS EXCAHNAGED.

Question 4

an example of consideration

Answer 4

if someone gives yu a choclate bar and you DONt pay for it this is merely a gift not a contract. if you paid for the choclate bar the promise to pay the money and the choclate bar is consideration from both parties.

Question 5

Legal definition

Answer 5

outlined the case of Currie v misa (1875) = Some right,interest,profit or benefit accuring to one party or some forbearance, detriment loss or responability give, suffered or undertaken ny the otehr.

Question 7

another legal defiition of consideration

Answer 7

an act of forbearance of the one party or the promise thereof, is the given for which the promise thus given for value is enforceable.

Question 8

executed vs executory

Answer 8

when teh conisderation has been performed is is said to be executed
if it is yet to be performed is it executory

Question 9

what is executed

Answer 9

when the consideration has been performed it is said ro be executed

Question 10

what is executory

Answer 10

consideration yet to be peformed

Question 11

a person agrees to paint a house for a jhomeowner in exchange for 1,000 and the paaymemt to be made sfter the work is done whta is this

Answer 11

executory

Question 12

a person pays £500 in cash to buy a used car from a seller the seller immediatyly hands over the car

Answer 12

executed

Question 13

what are the rules to consideration

Answer 13

1 - consideration need to not to be adequate but sufficient
2- past consideration is not good consideration
3- consideration must move from the promise
4- performing an exisiting duty cannot be the consideration for a new contract
5- A promise to accept part payment of a pre-existing debt in place of the whole debt is not consideration.