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Sam Ling (23)

The Law of Contract - Chapter 8 - Requirement of Consideration

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Administrative Studies
ADMS 2610
Sam Ling

Lecture 2The Law of Contract ADMS 2610Ling Part 3Chapter 8Requirement of ConsiderationOverviewNature of consideration o Seal as a consideration o TendersAdequacy of considerationPast considerationQuantum Meruit Debtor creditor relationship Gratuitous promises estoppelNature of ConsiderationConsideration o Something that has value in the eyes of the law and which the promisor receives in return for a promiseo What a party gets in return for their promiseo A benefit or a detrimentForms of ConsiderationMoneyServices Promise not to do something Relinquishment of a rightDelivery of property Promise for a promiseNature of ConsiderationCharacteristics o A form of the bargaining theory o Consideration must be something done for the promise giveno General rule is no considerationno contractGratuitous PromiseA promise not accompanies by consideration
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