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Past consideration is not valid. Something that is already done is done, and it does not change the legal position of the promisor. Any goods or services to be exchanged must be exchanged at or after the time of contract formation. Preexisting duty does not count as consideration. An illusory promise, or one which the promisor actually has no obligation to keep, does not count as consideration ...
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. Consideration must not be past. Past consideration is ...
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. Consideration can be anything of value (such as any goods, money, services ...
Roscorla v Thomas[1] is a notable case in English contract law which demonstrates that past conduct is not sufficient consideration to support a contract. Past consideration is not a good consideration.
Consideration must be sufficient, but courts do not weigh the adequacy of consideration, partially because in a capitalistic society private parties are entitled and expected to determine the value of things for themselves.
On the idea of past consideration, Lord Scarman said this: Their Lordships agree that the mere existence or recital of a prior request is not sufficient in itself to convert what is prima facie past consideration into sufficient consideration in law to support a promise: as they have indicated, it is only the first of three necessary preconditions.
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 ...
The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract. [1] It is related to, but distinct from, the doctrine of consideration, according to which a promise is legally enforceable only if valid consideration has been provided for it, and a plaintiff is legally ...