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15 Δεκ 2023 · Consideration is a fundamental aspect of contract law, imbuing agreements with legal enforceability. Its presence differentiates a contract from a mere promise and ensures that each party is bound by a mutual exchange of value.
The main types of consideration in contract law are: 1) Executory consideration, which is an exchange of promises between parties; 2) Executed consideration, where one party performs an act in exchange for a promise by the other party; 3) Past consideration, which is generally not valid as it refers to acts performed before the contract was ...
Each party to a contract must be both a promisor and a promisee. They must each receive a benefit and each suffer a detriment. This benefit or detriment is referred to as consideration. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851.
8 Μαΐ 2024 · In contract law, consideration is a fundamental and flexible element. It has certain exceptions. Specifically, the pre-existing duty rule dictates that an action which someone is already legally bound to perform cannot serve as valid consideration for a new contract or for amending an existing one.
Under the UCC, a contract must generally have consideration to be enforceable, but there are some exceptions that allow promises to be enforceable without consideration. The UCC permits one party to discharge, without consideration, a claim or right arising out of an alleged breach of contract by the other party.
Exception - going beyond the existing duty: Similar to the exception of the performance of an existing legal obligation, if the performance of a duty already promised in a different contract goes beyond the original duty, it will be held as valid consideration.
Exception 1: Going Beyond the Duty. If a party promises to go above and beyond their existing contractual or public obligation, this can be good consideration: Glasbrook Bros Ltd v Glamorgan County Council [1925] AC 270. For example:
