Week 4 Consideration & Intention

Question 1

What is Consideration?

Answer 1

There is evidence that both parties had gotten something for something.

Question 2

What are the 4 types of Consideration?

Answer 2

1) Promise for a promise
2) Promise for an act
3) Act for a promise
4) Promise not to do

Question 3

What are the 5 Main Rules for Consideration?

Answer 3

1) Future not Past.
2) Must contain Value.
3) Forebearance can be Good.
4) Existing Obligation not Good.
5) Public Duties are not good.

Question 4

What are the 2 Key Presumptions of Intention?

Answer 4

1) Ps in Commercial - Binding
2) Ps to domestic, family, social / voluntary Agreements - Not Binding

Question 5

Why is it hard to prove no intention in a Standard Breach of Contract Case?

Answer 5

Because it is heavy onus on the party that denies intention.