Nov 27, · Contract Law Consideration. Topics: Contract, Contract law, English contract law Pages: 4 ( words) Published: November 27, Assessment 1. Nick would be suing Angela claiming the full arrears and the return of the car. Nick can only succeed if he can prove there is no consideration Aug 12, · The doctrine of consideration has probably been regarded as one of the most controversial issues in the English Law of contract. Never the less it plays a very central role in English Law. To create a legally enforceable contract, consideration must be present. However, when a contract is made by deed, consideration is not a requirement In the Oxford Dictionary of Law, consideration is defined as 'An act, forbearance, or promise by one party to a contract that constitutes the price for which he buys the promise of the other. Consideration is essential to the validity of any contract other than one made by deed. Without consideration an agreement not made by deed is not binding; it is a nudum pactum (naked
Consideration Essay | 1st Class Consideration in Contract Law Essay
by Essay Agency Nov 3, Samples and Examples. Consideration in Contract Law Essay: The law defines a consideration as a benefit to be received by a party to a contract or the detriment to be incurred by another party to the contract. In the case of Currie v. Therefore, when the Ministry of Health asked GB gymnastics coach whether one athlete would be available to perform for free during the open air fitness event, contract law consideration essay, there was no consideration.
The athlete would not benefit in any way by performing for free. Similarly, the Ministry would not bear any responsibility or face any detriment or loss. A consideration has a promise with a certain price to be incurred.
A party not privy to the consideration cannot be sued for breach of agreement. This was evident in Dunlop Rubber Co Ltd v. Selfridge AC This means that the GB gymnastics coach could not enter into an agreement with the Ministry of health on behalf of the athletes to perform for free during an air fitness event.
There are five main rules guiding consideration in English law of contract. Firstly, a consideration must not be past. This means that when a promise is made about a benefit to contract law consideration essay given to a party, contract law consideration essay, it should be made before the action or undertaking for which the promise is made actually occurs. In the context of the GB gymnastics couch, the Ministry of health and athletes, a promise to provide an allowance to the athletes involved during the open air fitness event should only be made before the event and not after.
This rule is evident in Re McCardle Ch where it was held that a promise was only made subsequent to the improvements made on the home and therefore past and no contract existed. An exception to this rule is possible when an action is as a response to a specific request or in circumstances where payment is normally expected. The second rule for consideration is that it must move from the promisee. This means that only the party providing a consideration is in a position to enforce the contract.
This applies to GB contract law consideration essay in the sense that the couch cannot enforce the contract for the athletes to offer free performance during an open air fitness event as he is not privy to the contract. On the other hand, the athletes are not bound by the contract between the coach and the Ministry of health as they may not be privy to it. This rule is supported by the doctrine of privity. Thus only parties directly involved in a contract are in a position to enforce it.
However, the rights of third parties Act allows persons to whom the contract confers benefit and expressly permitted by the contract to enforce it. The third rule of consideration is that it must be sufficient. This means that it must be in form of material value assessable in terms of finance and does not always have to be adequate. In the context of GB gymnastics coach and athletes, there is no consideration at all as no sufficient gain of material value is evident.
Free performance by athletes cannot be assessed financially. Therefore, it is not a contract at all. Furthermore, the coach has no basis on which to value the free service to be given by the athletes during the open air fitness event. In Thomas v. Thomas, a £1 per year in rent was regarded sufficient for a promise made for a consideration. However, the Ministry of health did not make any monetary promise, contract law consideration essay. The fourth rule of consideration is that it must not include things that the promisee is already bound to undertake.
In the context of GB gymnastics, there is no legal requirement binding them to perform in the open air fitness event contract law consideration essay be held by the Ministry of health.
Therefore, a consideration can be successful if the ministry promises some financial benefits to the athletes. This is evident in Collins v. Lastly, contract law consideration essay, a consideration should be based on legal subject matter. The subject matter of the contract must be legal.
It is not possible contract law consideration essay enforce immoral contracts. There must be evidence of natural justice brought about by fairness and the equitable maxim in a consideration. In the context of GB gymnastics, the subject matter is legal. This means that the Ministry of health can make a promise to contract law consideration essay monetary incentive to the athletes for their performance at the open air fitness event. So long as the promise is based on equity and equitability, the consideration is legal.
People want to be sure that before they engage into an activity a benefit or reward in form of monetary gains has been made to them. Reference Class Lecture 5. Business Management Affairs. hello essayagents. Statistics Help Homework Help Lab Report Writing Accounting Help. Consideration in Contract Law Essay by Essay Agency Nov 3, Samples and Examples. Search for:. We Will Write Your Paper.
Contract Law: Promissory Estoppel as a Substitute for Consideration
, time: 6:45Consideration in Law of Contract Essay Example | Topics and Well Written Essays - words
Sep 24, · Consideration in a Contract must not be illegal. It is a basic principle of Contract Law that while consideration must be sufficient it need not be adequate. Adequacy means the value of the consideration provided in the context of the economic value of the transaction. However this is not something that can affect the validity of the consideration In the principal. Consideration in Law of Contract The Dictionary meaning of Consideration is "Consideration means something which is of value in the eyes of the law, moving from the plaintiff, either a benefit to the plainiff or detriment to the defendant. Consideration is not to be confounded with motive." Sep 02, · Sufficient consideration, coupled with a valid promise incorporating an offer and acceptance, and an intention to create legal creations, gives rise to a binding contract. Where there’s no consideration, the law safeguards against a floodgate of claims by insisting upon such promises being made in the form of a blogger.comted Reading Time: 7 mins
No comments:
Post a Comment