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CONSIDERATION (Consideration must have some value (It must be real and…
CONSIDERATION
Consideration must have some value
It must be real and have some actual value White. However, it need not be equal value (Chappell). The courts will not a correct a bad bargain
White v Bluett- not complain about will in return for cancelling of a debt. Not offering anything of real value
Chappell v Nestle- Nestle ran a promotion giving music in return for 3 wrappers. Consideration some economic value bars enough
Consideration must not be past
Means any consideration must come after the agreement, rather than being something that has already been done Re McArdle
Re McArdle-Wife paid for impovenments on house , others sons agreed to pay after they inherited the house , in the past as the work had already been done
Lampleigh v Braithwaite- B killed someone and asked L to get a pardon from king . L did so and B the promised to pay L £100 for trouble . Act done at someone's request parties understood payment not past.
Performing an existing duty is not good consideration
Promising to do what one had to do anyway because of a legal duty will not be good consideration (Stilk). However, if a claimant has done more than was expected of him/her under a legal duty, this will be good consideration for extra money promised by the defendants (Hartley)
Stilk v Myrick- 2 out 12 sailors, promised pay,already bound by their contract.
Hartley v Ponsonby- Half of crew deserted a ship sailing was hazardous. Had provided for extra wages gone beyond contractual duty.
Consideration= Each party to a contract gives something of value to the other
The law of contract deals with bargains, that is agreements freely reach, such as a promise to pay money for work to be carried out.
This exchange of promises for benefit is known as consideration, a promise given in return for another promise.
Consideration must move from the promisee
The promisee must also give consideration in order to have a valid claim under a contract. If a gift is given and merely recovered by the promisee without anything being promised in return, there is no contract with the giver (Tweedle)
Tweddle v Atkinson- Two fathers agreed give engaged couple money after marriage .Both dies before making payment . Claim failed as offered no consideration
Executed Consideration- where the promises have been carries out.
Executory Consideration- Where the promises have yet to be performed