Law 5110 Lecture 8: Lecture 8
Document Summary
Consideration is essential to the formation of all contracts not contained in a deed. It"s the common law test of enforceability for simple contracts. Consideration was defined by lush j in currie v misa (1875) as some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other . Consideration is therefore something which represents either some benefit to the person making the promise (the promisor ) or some detriment to the person to whom the promise is made (the promisee ). This is potentially confusing because it is the same thing looked at from a different viewpoint. A more useful definition is given by sir frederick pollock: An act or forbearance of the one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus give for value is enforceable .
