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It was held that Scotson’s delivery of coal (the performance of an existing contractual duty to a third party, X) was a benefit to Pegg and was valid consideration. It could also been seen as a detriment to Scotson, as they could have broken their contract with X and paid damages.
24 Σεπ 2021 · Consideration is an essential element to the creation of a valid contract. The consideration must be of some value that can be objectively determined. Consideration is often defined as a benefit or detriment.
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.
This chapter will examine and analyse two principles of contract law. The first is consideration, which helps form a legally binding contract, and promissory estoppel.
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.
8 Μαΐ 2024 · Consideration is the trade of value that legally binds promises in contracts. This article cuts to the heart of this legal requirement, exploring its forms, validity, and impact on contract enforceability—key knowledge for professionals creating or reviewing legal agreements.
Where a contractual duty is owed to the claimant, another promise to perform that duty can be valid consideration if it confers on the claimant a ‘practical benefit’: Williams v Roffey Bros [1990] 2 WLR 1153. This is particularly important where the promisee seeks to vary the original contract.
