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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 ...
There are a number of common issues as to whether consideration exists in a contract. Under English law: Part payment is not good consideration. [5] [6] [7] Consideration must move from the promisee but need not flow to the promisor. [8] Consideration must be sufficient but need not be adequate. [9] [10] [11] Consideration cannot be illusory.
Failure of consideration is a highly technical area of law. Particular areas of controversy include: Whether the failure of the consideration must be 'total', [3] and the scope and meaning of such a requirement; Whether 'consideration' refers not only to bargained-for counter-performance by the defendant, but also a legal or factual state of ...
The law of the country, state, or locality where the matter under litigation took place. Usually used in contract law, to determine which laws govern the contract. / ˈ l ɛ k s ˈ l oʊ s aɪ / lex scripta: written law Law that specifically codifies something, as opposed to common law or customary law. liberum veto: free veto
The situation is different under contracts within civil law jurisdictions because such nominal consideration can be categorised as a disguised gift. [4] The remainder of this section is a U.S. perception, not English. However, courts will not generally inquire into the adequacy or relative value of the consideration provided by each party. [5]
Specific performance is an equitable remedy in the law of contract, in which a court issues an order requiring a party to perform a specific act, such as to complete performance of a contract. [1] It is typically available in the sale of land law , but otherwise is not generally available if damages are an appropriate alternative.
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.
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