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ADMS 2610 (76)
Chapter 8

chapter8. The requirement of consideration.docx

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Administrative Studies
ADMS 2610
Robert Levine

CHAPTER 8 THE REQUIREMENT OF CONSIDERATION 1 Nature of consideration thesomething that the promisor receives in return for the promisors promise is called consideration a vital element of every simple contract Different formsPayment of moneyPerformance of a particular serviceA promise not to do something by a promisorRelinquishment of a rightDelivery of property Note no consideration arises unless the promisor gets something in return from the promise till then it is an act of gratuitous All acts of gratuitous does not form consideration and is not a contract Exceptions to the rule of gratuitous offerWhere a gratuitous offer of a service if accepted must be performed with care and skill otherwise the promisor will be liable for any loss suffered as a result of careless performance or negligenceAn act of tortIn the case of negotiable instruments a person may be liable on a promissory note or other negotiable instrument to a subsequent endorser even though no consideration exists between themA party who endorses a bill of exchange to enable another to negotiate itmay be held liable on the bill even though n
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