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Consideration - Coggle Diagram
Consideration
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Nature and function
Definition
Consideration is a benefit accruing to one party or a detriment suffered by the other (Currie v Misa [1875]). It is the price for which the promise is bought (Dunlop v Selfridge [1915]).
Types
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Sufficiency vs. Adequacy: Consideration must be sufficient (have some economic value in law) but need not be adequate (equal market value). Chocolate wrappers counted as sufficient consideration in Chappell v Nestle Co [1960].
Evaluation
Coherency of rules
The doctrine lacks a single unifying theory, relying on piecemeal rules that sometimes conflict (e.g., tension between Stilk v Myrick and Williams v Roffey).
Legal formalism
Gratuitous promises remain legally unenforceable unless formalized via a deed or nominal consideration, prioritizing form over informal intention.