LAW204 Lecture Notes - Lecture 3: All England Law Reports, Benizelos Roufos, Estoppel
27 Jul 2018
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Law 204 contracts consideration, equitable estoppel & intention consideration. Exchange of promises is exchange of consideration, even in unilateral contracts there is an act in exchange of consideration. Unilateral contract comes into existence when there is performance of an act. She gave performance of the act that was her consideration. The only way that a gratuitous promise will be enforceable is by way of deed. Formal contract where form takes place of consideration. Formal requirements of deed are mandated by statute and what they are meant to contain. It must say on its face that it"s a deed. It should be using certain words signed, sealed and executed. Should be in front of a certain person. If deed not followed then it will allow damages under common law. Specific performance under deed is not available in equity. Innocent party executes a deed of release to protect the other party from being sued for balance in case of part payments etc.
