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An illusory promise, or one which the promisor actually has no obligation to keep, does not count as consideration. The promise must be real and unconditional. This doctrine rarely invalidates contracts; it is a fundamental doctrine in contract law that courts should try to enforce contracts whenever possible.
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. After a month B promises to compensate A for service rendered to him earlier.
The promisee may provide consideration to a third party, if this is agreed at the time the parties contracted. [10] The offeree must provide consideration, although the consideration does not have to flow to the offeror. For example, it is good consideration for person A to pay person C in return for services rendered by person B.
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 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]
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Failure of consideration is a technical legal term referring to situations in which one person confers a benefit upon another upon some condition or basis ("consideration") which fails to materialise or subsist. It is also referred to as "failure of basis". [1] It is an 'unjust factor' for the purposes of the law of unjust enrichment. Where ...
A witness first saw the gun poking through a crack between the apartment door and the frame. There had been a knock and an eerie silence, then an attempt by two men to force the door open.