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The traditional notion that courts won't look into the adequacy of consideration, an ancient notion in the English common law, doesn't square with the benefit-detriment theory (in which courts are implicitly analyzing if the parties are receiving a sufficient benefit) but does square with the bargain theory (in which only the subjective ...
Currie v Misa (1875) LR 10 Ex 153; (1875–76) LR 1 App Cas 554, is an English contract law case, which in the Exchequer Chamber contains a famous statement by Lush J giving the definition of consideration in English law. Lush J said, A valuable consideration, in the sense of the law, may consist either in some right, interest, profit, or ...
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 .
The case is famous primarily for its articulation of the fundamental precept of contractual interpretation in South Africa: . The golden rule applicable to the interpretation of all contracts is to ascertain and to follow the intention of the parties; and, if the contract itself, or any evidence admissible under the circumstances, affords a definite indication of the meaning of the contracting ...
This was fully linked to the doctrine of consideration, and established as such, with the more famous case of Tweddle v. Atkinson. In this case the plaintiff was unable to sue the executor of his father-in-law, who had promised to the plaintiff's father to make payment to the plaintiff, because he had not provided any consideration to the contract.
The Law Revision Committee recommend the following transactions should be binding per se. promises in writing; promises for past consideration; promises to accept part payments of debt to discharge the whole; promising to do what one is already bound to do; firm offers, where it is open for a period
The golden rule in English law is one of the rules of statutory construction traditionally applied by the English courts. The rule can be used to avoid the consequences of a literal interpretation of the wording of a statute when such an interpretation would lead to a manifest absurdity or to a result that is contrary to principles of public policy.
Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity). Analysis of their operation is a traditional approach in contract law .