LAWS1000 Chapter Notes - Chapter 6: Contract, All England Law Reports, Chappell & Co.
Document Summary
Consideration may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. Currie v misa (1875) lr 10 exch 153. At common law, a promise must be paid for to be enforceable. Even if a contract is set out in the form of a deed, providing consideration can still be important if the parties want access to the full range of available remedies in the event of a breach. Consideration is the p(cid:396)i(cid:272)e paid fo(cid:396) p(cid:396)o(cid:373)iso(cid:396)"s p(cid:396)o(cid:373)ise a(cid:374)d (cid:373)ust ha(cid:448)e (cid:271)ee(cid:374) paid (cid:271)y the pe(cid:396)so(cid:374) (cid:449)ho wants to enforce the promise. In a bilateral contract, there are two promises and so consideration must move from both parties. The consideration does not have to be given to the promisor but can be directed to some third party. Bolton v madden (1873) lr 9 qb 55.
