Law 5110 Lecture Notes - Lecture 1: Estoppel, Obiter Dictum
Document Summary
Pinnel"s case payment at an earlier date. Goods in exchange for the promise to discharge debt. The court considered it self bound by foakes v beer house of lord"s decision. Williams v roffey part payment or goods in exchange is not good consideration. Criticisms of the common law approach: commercially unrealistic, harsh, where part payment has been accepted in full settlement and the debtor has relied on that, when coupled with the rule that, consideration need not be adequate", potentially absurd. Part- payment in equity: equity developed as a response to the rigidity of common law, those unable to obtain damages (remedy) at common law would seek a remedy from the courts of equity. Eg> central london property trust v high trees house (1974) : september 1937: contract formed 2500 rent due per year, january 1940: ww2 so difficult to let flats, plaintiffs agree to 1250 per year which the defendant"s payed.
