Formation - consideration Flashcards
Consideration is when…
Both parties exchange something of value
Consideration is described as…
“some right, interest, profit or benefit’ which is given to one party.
What case defined consideration?
Curie v Misa
Consideration must be sufficient, but not adequate as seen in…
Chappel v Nestle
Past consideration is not valid consideration as seen in…
Re Mcardle
What are the exceptions under past consideration?
- Implied promise to pay
- Important matters
What is the case for implied promise to pay as an exception of past consideration?
Re Casey’s Patent
What is the case for important matters as an exception of past consideration?
Lampleigh v braithwaite
What is the rule if an individual is performing their pre-existing duty?
Not valid consideration if performing a pre existing duty
If an individual is performing a pre existing duty it is not valid consideration as seen in the case of…
Stilk v Myrick
What are the exceptions under pre-existing duty?
- extra element added
- helps avoid a detriment
What is the case for extra element added?
Hartley v Ponsoby
What is the case for avoiding a detriment?
William v Roffey
