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Consideration - Coggle Diagram
Consideration
Promissory Estoppel
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Three requirements
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(3) Unconscionability -- It must be unconscionable for (Party) A to seek enforce their strict legal strict rights
Other concepts
Election
This is where a party to a legal relationship, confronted with a choice between alternative and inconsistent rights, elects to enjoy one right and surrender the other
They can (a) affirm the contract or (b) terminate the contract (e.g. in spite of breach/repudiation)
—Elector’s choice must be clearly and unequivocally communicated to the other party through words or conduct.
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Waiver
This is where a party has voluntarily/intentionally abandoned or relinquished a 'known right, claim or privilege'
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Unilateral promises
Collier v P & M J Wright (Holdings) Ltd: Whilst there was not good consideration (e.g. a standard 'promise to accept less'), promissory estoppel was available because: (1) A representation, (2) reliance, etc (change in position??)
Features
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Must be a bargain
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This is a deal/exchange where both parties come away with something they have requested from the other.
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Definition
There is no single, unified definition of consideration.
Common = “… some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility undertaken by the other.”
—Currie v Misa [1875]