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Consideration - Coggle Diagram

- - - - Payment of smaller sum cannot discharge the full debt
        
        unless the payment of smaller sum is provided with a consideration, which includes:
        
        Goods & services
        
        Payment at an earlier date
        
        Payment by 3rd party
        
        Unascertained sums
    - - Payment of smaller sum CAN discharge the full debt
- - - - Expressed in writing
        
        Registered if it requires by law
        
        Near relation, immediate family
    - - Provided there's a promise to compensate the promisee, or promisee has voluntarily done something for promisor
    - - Agreement to pay statute barred debt
        
        Means debt which can't be recovered through legal action due to lapse of time fixed by law (7 years)
        
        Provided if debtor made a fresh promise in writing (& signed by debtor) to pay the statute barred debt
- - - - Relaxed circumstances:
        Performance of EXISTING contractual duty can amount to consideration for a NEW PROMIES, provided is there's
        
        No fraud/ duress
        
        The practical benefits accrue (results) to the promisor
        
        [ WILLIAMS v ROFFEY BROS ]
        Roffey enjoyed practical benefits of not being subjected to penalty clause on the main contract. Willian is entitled to the money