Of all the topics as discussed in the class, the topic consideration has greatly drawn my interest and I got eager to find the appropriate meaning of Consideration in accordance to the Indian Contact Act (1872). The meaning of the term consideration is defined in Section 2 (d) of the Act is somewhat different from how the word ‘Consideration’ is understood in ordinary parlance. In this response paper, I seek to explore the specific manner in which the Contract Act defines ‘consideration’ and how such a definition fits in with the general scheme of the Contract Act, with the hope of responding to some of the difficulties the definition of consideration raises for contract law.
In my opinion, Consideration is the essential element for the formation of contract. As we know that a contract is based on the promise and for there must be two parties to the contract a promisor and a promisee and when both the parties gain something from one and another then the gain or the benefit received by the parties is called consideration. It should be something which has some value in the eyes of law and it is not one sided as there are two parties of the contract so the consideration comes from both the sides and in case, if it's one sided that will be considered as a gift and the law also does not take into account. if something is done in terms of promise, love, affection and this can be seen from the case Currie v. Missa (1875) where one of the judge also gave importance to the interest, profit, benefits arising to the parties. In bilateral type of contract, an agreement contains mutual promises and sufficient consideration of the parties to form a contract. Whereas in unilateral type of contract, an agreement in which one party promises to ot...
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... case, a son complained that he receives less property than his brother does. At that time, his father promised him that he would release him from the debt if he would stop complaining. But after his father’s death executors came to recover the debt in consideration for his promise. The executors have found the consideration for no future complaints, for this releasing from the debt is not a good consideration, so son will continue to be liable.
The reader can conclude that the consideration is required to enter in the contract. And how ICA laws deals under section 2(d) and 25(2) of ICA for the consideration in the above e.g. of cases. The one of the point which I have tried be concluded for the reader is to make sure consideration must be lawful and real for an agreement, if unlawful than it will be considered void. Thus, Consideration is essential element of ICA.
Liability in restitution with disgorgement of profit is an alternative to liability for contract damages measured by injury to the promisee.” (2011)
Andrews N, Strangers to Justice No Longer: The Reversal of the Privity Rule under the Contracts (Rights of Third Parties) Act 1999 (2001) 60 The Cambridge Law Journal 353
Given that it lies within the domain of equity, the case law indicates a great flexibility in its application, both in the substantive requirements of proof demanded by the courts and in the manner in which the courts will satisfy the equity. It is the first of these aspects of the doctrine that I will examine in this essay. I will look at the shift in the evidentiary requirements and what a representation (or an assurance of rights), a reliance (a change of position on the basis of that assurance) and a detriment (or unconscionable disadvantage) - the three pre-requisites for a successful claim - have come to mean with regard to case law and in particular the judgement of Judge Robert Walker in the Court of Appeal in Gillett v. Holt[1], in which the plaintiff had been given repeated assurances over many decades that he would inherit the defendant's estate, and remained in service to him at least p... ... middle of paper ... ... operty, 16th Ed, Butterworths K. Gray & S.F Gray - Land Law, 2nd Ed, Butterworths Professor Cedric D Bell - Land: The Law of Real Property, 3rd Ed, Old
The law of contract in many legal systems requires that parties should act in good faith. English law refuses to impose such a general doctrine of good faith in the field of contract law. However, despite not recognizing the principle, English contract law is still influenced by notions of good faith. As Lord Bingham affirmed, the law has developed numerous piecemeal solutions in response to problems of unfairness. This essay will seek to examine the current and future state of good faith in English contract law.
(Insert Citation p 305). Consideration refers to the attained good or service agreed upon by each party under a contract. Contractual Capacity is the legal ability to enter into a binding agreement. Some factors that affect contractual capacity are: age, mental health and agreements under alcohol intoxication. Last but not least is the legal object, which means that for a contract to be enforceable it must be of legal intent and comply with public policy. If all of these factors are present in a contract, we can conclude that a binding contractual agreement exists and it is enforceable by law.
Based on common law and precedent, the English law of contract has been formulated and developed over a number of years with it’s primary purpose to provide a regulated framework within which individuals can contract freely. In order to ensure a contract is enforceable there are certain elements which must be satisfied, one of which is the doctrine of consideration. Lord Denning famously professed; “the doctrine of consideration is too firmly fixed to be overthrown by a side wind” . This is a crucial indication that consideration has long been regarded as the cardinal ‘badge of enforceability’ in the formulation and variation of contracts in English common law.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
Contractual agreement has always been viewed in terms of offer and acceptance. The universal principle to contract law has always been parties may get into an agreement in whichever way they deem fit and they are subject to certain terms as they choose. As far as legal requirements vital to their formation are binding contracts may be formed. Moreover a binding agreement may be manifested in terms of writing or in verbal form.
The English contract Offer and Acceptance General principles There are three basic essentials to the creation of a contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration. The Definition of an Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made to one person or a group of persons, or to the world at large.
One of the last remaining strongholds of classical contract law is the notion that contracts require offer and acceptance therefore, in order for a contract to become binding, offer, acceptance, consideration and intention to create legal relations must exist. However contracts are formed in different ways for each different circumstance. (Shawn Bayern, Offer and Acceptance in Modern Contract Law: A Needles Concept, 103 Cal. L. Rev. 67, 102 (2015)
In Krell v. Henry {1903} a plea of frustration succeeded because the court held that the common purpose for which the contact was entered into, could no longer be carried out. But in the same year for similar set of facts, the Court of Appeal decided in Herne Bay v. Hutton [1903] that the contract had not been frustrated because the "common formation of the contract" had not changed. It clearly was a policy decision which shows the reluctance of the courts to provide an escape route for a party for whom the contract ha...
AND UNDERSTAND THE GENERAL PRINCIPLE TO DRAW A GENERAL CONCLUSION. TABLE OF CONTENTS 1:………………………………..INTRODUCTION 2:……………………………….. RELATION 3:………………………………..CASE ANALYSIS 4:………………………………..CONCLUSION 5:………………………………..ANNEXURE 6:………………………………..BIBLIOGRAPHY INTRODUCTION In India the punishments for crimes has occupied the system than the compensation for wrong. Therefore the idea of torts has come a bit late but now it is well established in India.[1]Infact tort is a wide concept in law and a continuous process. New concepts keep on indulging in it.
This judgment given set criterion which is still been used in the modern court system and due to this case it was developed that an offer of contract can be unilateral and doesn’t have to be made to a specific party only. Also it was developed to that the acceptance of an offer does not require a notification and that once the concerned party purchases the product the contract is active then and there itself. And it was also established that purchase of an item is a fine example of consideration and therefore makes it a valid contract. (Smith, 2000).
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,
Consideration is an aspect of the concept of mutuality underlying the law contract, and it is each party in contract bargains with and gives in exchange for return promise or performance of other party. In this case the consideration is an executory and the price $1,900 is has a legal value so the consideration is sufficient and the original price that Tony would like to sale is $1,900 and Emma received this price so the consideration is adequate. Therefore, there is a valid