Week 5 - Consideration Flashcards

1
Q

What is the definition of consideration?

A

A party giving up some right, interest or money to the other party. In exchange, the other party will act in some way

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2
Q

What is executed consideration?

A

Consideration that has already happened - potentially straight away at the time

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3
Q

What is an example of executed consideration?

A

Mrs Carlill using the smoke ball

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4
Q

What is executory consideration?

A

Both parties promise to do something in the future (remains to be done) e.g make contract first, perform later

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5
Q

Are unilateral contracts more likely to have executed or executory consideration?

A

Executed

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6
Q

Are bilateral contracts more likely to have executed or executory consideration?

A

Executory

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