COMM 393 Lecture Notes - Lecture 8: Consideration, Promissory Note
Document Summary
Consideration is said to consist in some right, interest, profit or benefit accruing to one party or some loss suffered by other party promisor. Consideration may be satisfied where the promise sufferes some determent at the promisors request. Consideration needs to move from the promise, but not to the. Application: currie vs misa- consideration is flowing to tumillo, by her choosing not to collect the loan, section 53 bill of exchange act section 2- prior debt or liability is deemed valuable consideration. In this case, the debt to caliguri was her consideration: chitty on contracts- consideration does not need to move to tumillo, it only needs to flow from caliguri to make the contract valid.
