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12 Σεπ 2015 · A valid contract must include consideration for every party involved. In simple terms, consideration is the basic reason a party enters into a legal contract. To explore this concept, consider the following consideration definition.
10 Δεκ 2019 · A contract is valid and legally binding if the following 6 essential elements are present. Offer. Acceptance. Consideration. Intention to create legal relations. Legality and capacity. Certainty. 1. Offer and acceptance analysis form the basis of contract law and the formation of a valid contract.
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.
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.
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.
Consideration is required to be present in all contracts except those made by deed (a written document which complies with certain formalities, for example, the document must make it clear that it is intended to be a deed, it must be
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.
