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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 ...
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 must be an act, abstinence or forbearance or a returned promise. Consideration may be past, present or future. Past consideration is not consideration according to English law. However it is a consideration as per Indian law. Example of past consideration is, A renders some service to B at latter's desire.
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
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 ...
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 ...
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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]