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  2. Consideration under American law - Wikipedia

    en.wikipedia.org/wiki/Consideration_under...

    The first is "benefit-detriment theory," in which a contract must be either to the benefit of the promisor or to the detriment of the promisee to constitute consideration (though detriment to the promisee is the essential and invariable test of the existence of a consideration rather than whether it can be constituted by benefit to the promisor ...

  3. Privity of contract - Wikipedia

    en.wikipedia.org/wiki/Privity_of_contract

    Easton, where a contract was made for work to be done in exchange for payment to a third party. When the third party attempted to sue for the payment, he was held to be not privy to the contract, and so his claim failed. This was fully linked to the doctrine of consideration, and established as such, with the more famous case of Tweddle v.

  4. Pre-existing duty rule - Wikipedia

    en.wikipedia.org/wiki/Pre-existing_duty_rule

    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 ...

  5. Accord and satisfaction - Wikipedia

    en.wikipedia.org/wiki/Accord_and_satisfaction

    Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement. The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation itself. [1]

  6. United States contract law - Wikipedia

    en.wikipedia.org/wiki/United_States_contract_law

    However, if Alan and Betty agree to exchange $1 for $100, it would not be an enforceable contract for lack of consideration. An exception to this exception is when there is special significance to the $1 bill itself, such as if it was the first dollar a person made in business and carries tremendous sentimental value, similar to the peppercorn ...

  7. Consideration in English law - Wikipedia

    en.wikipedia.org/wiki/Consideration_in_English_law

    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 .

  8. Consideration - Wikipedia

    en.wikipedia.org/wiki/Consideration

    For example, A receives Rs.50/- in return for which he promises to deliver certain goods to B. The money A receives is the present consideration. When consideration to one party to other is to pass subsequently to the maker of the contract, is said to be future consideration. For example. A promises to deliver certain goods to B after a week.

  9. Privity in English law - Wikipedia

    en.wikipedia.org/wiki/Privity_in_English_law

    Privity is a doctrine in English contract law that covers the relationship between parties to a contract and other parties or agents. At its most basic level, the rule is that a contract can neither give rights to, nor impose obligations on, anyone who is not a party to the original agreement, i.e. a "third party".