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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 ...
Forbearance to act amounts to consideration only if one is thereby surrendering a legal right. [2] [3] [4] "Past consideration is no consideration": consideration must be "executory" or "executed", but not "past"; that is, consideration must be supplied in the present or in the future, but things done beforehand cannot be good consideration. [5]
Consideration need not be adequate. Consideration need not necessarily be equal in value to something given. So long as consideration exists, the courts are not concerned as to adequacy, provided it is for some value. Additionally, under the Indian Contract Act 1872, any consideration is invalid if it is: Forbidden by law [a]
The leading case is Stilk v Myrick (1809), [3] where a captain promised 8 crew the wages of two deserters provided the remainders completed the voyage. The shipowner refused to honour the agreement; the court deemed the eight crew were unable to enforce the deal as they had an existing obligation to sail the ship and meet "ordinary foreseeable emergencies".
English contract law is the body of law that regulates legally binding agreements in England and Wales.With its roots in the lex mercatoria and the activism of the judiciary during the Industrial Revolution, it shares a heritage with countries across the Commonwealth (such as Australia, Canada, India [1]), from membership in the European Union, continuing membership in Unidroit, and to a ...
MA Chirelstein, Concepts and Case Analysis in the Law of Contracts (6th edn 2010) EA Farnsworth, Contracts (2008) LL Fuller, MA Eisenberg and MP Gergen Basic Contract Law (9th edn 2013) CL Knapp, NM Crystal and HG Prince, Problems in Contract Law: Cases and Materials (7th edn Aspen 2012) Books. OW Holmes, The Common Law (1890) chs 7-9
A contract is a legally binding agreement. Once an offer has been accepted, there is an agreement, but not necessarily a contract. The element that converts any agreement into a true contract is "intention to create legal relations". There must be evidence that the parties intended the agreement to be subject to the law of contract.
Couturier v Hastie [1856] UKHL J3 is an English contract law case, concerning common mistake between two contracting parties about the possibility of performance of an agreement. Facts [ edit ]