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Consideration may be past, present or future. Past consideration is not consideration according to English law. However it is a consideration as per Indian law. Example of past consideration is, A renders some service to B at latter's desire. After a month B promises to compensate A for service rendered to him earlier.
The pre-existing duty rule is an aspect of consideration within the law of contract. Originating in England the concept of consideration has been adopted by other jurisdictions, including the US. In essence, this rule declares that performance of a pre-existing duty does not amount to good consideration to support a valid contract; but there ...
Stilk v Myrick [1809] EWHC KB J58 is an English contract law case heard in the King's Bench on the subject of consideration.In his verdict, the judge, Lord Ellenborough decided that in cases where an individual was bound to do a duty under an existing contract, that duty could not be considered valid consideration for a new contract.
The test for understanding whether a contract could legitimately be varied was set out as follows. if A has a contract to employ B for work; before it is done, A has reason to doubt whether B will, or be able to complete his side of the bargain; A promises B to pay more; A 'obtains in practice a benefit, or obviates a disbenefit' from giving ...
Meeting of the minds (also referred to as mutual agreement, mutual assent, or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties forming the contract. In particular, it refers to the situation where there is a common understanding in the formation of the contract.
Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act.
Pillans v Van Mierop (1765) on the doctrine of consideration; Carter v Boehm (1766) on good faith; Da Costa v Jones (1778) Hochster v De La Tour (1853) on anticipatory breach; Smith v Hughes (1871) on unilateral mistake and the objective approach to interpretation of contracts
Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed). The concept of consideration has been adopted by other common law jurisdictions, including in the United States .