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12 Σεπ 2015 · In order for a contract to be considered valid and enforceable by the courts, three elements of consideration must be met. If one or more of these elements are missing, the contract lacks the necessary requirements, it could potentially be deemed invalid by the court.
10 Δεκ 2019 · For a contract to be legally binding, there are six essential elements to constitute a valid contract: offer, acceptance, consideration, intention to create legal relations, legality and capacity, and certainty.
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.
Kinds of Valid Considerations: (a) A Promise for a Promise. A promise of an act by one party in exchange for the promise of an act by another is a valid consideration. Bilateral Contract: promise for a promise. Unilateral: promise for an action.
This chapter will examine and analyse two principles of contract law. The first is consideration, which along with the offer, acceptance and intention to create legal relations, helps form a legally binding contract. Promissory Estoppel is a related principle which can act as the exception to one of the main rules of consideration - that for ...
Valid consideration in a contract is something of value exchanged between the parties, creating a mutuality of obligation. It must be sufficient to support the contract, but the law generally does not inquire into the adequacy of consideration.
Consideration is the third requirement of contract formation. It is defined as any ‘right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken by the other [party]’: Currie v Misa (1874) LR 10 Ex 153.
