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From Wikipedia, the free encyclopedia
Consideration is a central concept in the common law of contracts and contract theory: it is value paid for a promise. Consideration is needed for a valid contract. An example; If you sign a contract with a man, agreeing to buy his car for an amount of money, his consideration is the car, which he promises to give to you. Your consideration is the money that you pay for the car. However, a contract saying that he would give you his car for nothing would not be valid per se, because you aren't giving him any consideration. In basic terms, the offeree (that is the person being offered something) must give something back to the offeror in return for his promise. There are several issues arising from, what appears to be, a quite simple doctrine. The main issues are outlined below:
Of what value must the consideration be?
Can performing an existing legal or contractual duty constitute consideration?
Can a past-performance (also called past-consideration) be valid consideration?
Williams v Roffey + Nicholls Ltd (1991) 1 QB 1 - a new dimension?
I found this
From Wikipedia, the free encyclopedia
Consideration is a central concept in the common law of contracts and contract theory: it is value paid for a promise. Consideration is needed for a valid contract. An example; If you sign a contract with a man, agreeing to buy his car for an amount of money, his consideration is the car, which he promises to give to you. Your consideration is the money that you pay for the car. However, a contract saying that he would give you his car for nothing would not be valid per se, because you aren't giving him any consideration. In basic terms, the offeree (that is the person being offered something) must give something back to the offeror in return for his promise. There are several issues arising from, what appears to be, a quite simple doctrine. The main issues are outlined below:
Of what value must the consideration be?
Can performing an existing legal or contractual duty constitute consideration?
Can a past-performance (also called past-consideration) be valid consideration?
Williams v Roffey + Nicholls Ltd (1991) 1 QB 1 - a new dimension?
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