The Role Of Consideration In Contract

People make get downs every day. Each term they subvert food, drink, or property the actions are counted as commences in the eye of the law. indeed what is a contract? Peel defines contract as a harmony of giving rise to rules which batch be forced and accepted by law (Peel 2007, cited in Wishart 2010 p.1). Therefore there are three elements of contract: hope, agreement, and designation by the law. The most important element of contract is enforcement. If a contract is not recognised by the law, it is not enforceable and it direction that parties of contract are not bound by their agreements. In contract law, the contracts enforceability is provided by love. In this essay, I will provide information about consideration, starting time with its interpretation, functions, requirements and the use of consideration. In common law, the parties of agreement must earn something in return for their undertakings, which are provided by consideration (Poole 2010, p. 123). The traditional definition of consideration is given by Currie v Misa [1875 unstinted J] (cited in Poole 2010 p.123): A valuable consideration, in the eyes of the law, whitethorn rest either in some right, interest, profit, or returns accruing to the atomic number 53 party, or some forbearance, detriment, loss, or responsibility given, suffered or undertaken by the other.

The definition of consideration indicates that consideration has the function of enforceability, a clean evidence of the public and seriousness of the undertaking, binding the parties. The enforceability function of consideration is defined by L ord Dunedin Dunlop Pneumatic tyre Co. Ltd. ! v Selfridge & Co. Ltd. [1915] (cited in Koofman - Mcdonald 2007 p.123), where he said: An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise hence given value for is enforceable. The function of the evidence of human beings and seriousness of undertaking, and the function of binding...If you motivation to get a proficient essay, order it on our website: BestEssayCheap.com

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