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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.
12 Σεπ 2015 · Consideration meaning in law. In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. A valid contract must include consideration for every party involved.
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.
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.
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.
Consideration: is an essential element to make a contract. must be provided for a contract to be legally binding. In contract law, it is said that "consideration must move from the promisee". Drawing out the subtlety of this statement: If there is "a promisee", there must already be a promisor.
14 Σεπ 2023 · Consideration is a vital element in contract law that validates the formation and enforceability of contracts. It involves the exchange of something of value and reflects the intention of the parties to create legal relations. By understanding the key elements of consideration and its significance, you can navigate contract law with confidence.
