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What Is Consideration in Law of Contract Essay

  • Submitted by: anonymous
  • on April 16, 2015
  • Category: Social Issues
  • Length: 847 words

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Below is an essay on "What Is Consideration in Law of Contract" from Anti Essays, your source for research papers, essays, and term paper examples.

Examine what is meant by consideration and consider what amounts to good or sufficient consideration.
Consideration is an essential element for the formation and enforcement of a contract. It is the barge by which agreements are enforced in English contract law.   It makes simple the process of parties creating contract. Curry v Misa, is one of the cases where the courts defined consideration as a benefit, a right, a profit to one party, a forbearance, a loss to another.
Dunlop v   selfridges. Definition here is the price you pay for the others promise that is, anything of value that the parties have agreed to exchange. In the absence of consideration the courts would not enforce an agreement. The case of edmons v Lawson is a good example.

  It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. In a bilateral contract—an agreement by which both parties exchange mutual promises.
In a unilateral contract, an agreement by which one party makes a promise in exchange for the other's performance, the performance is consideration for the promise, while the promise is consideration for the performance. Consideration must have a value that can be objectively determined. For example, a promise, to make a gift, the law does not enforce gifts unless they are made by deed or a promise of love or affection is not enforceable because of the subjective nature of the promise eg balfour v balfour   .Consideration identifies the types of agreements that are to be treated as enforceable contracts. Where ever the parties need to vary the terms of the original agreement they will need to provide fresh consideration.   .

There are two types of consideration.  
Executed, is typical in unilateral contacts where in one party has undertaken everything they were supposed to do, and the other party just has to act on it for example carill v carbolic smoke  
Executory,     no performance takes place at...

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