Journal articles on consideration in contract law

The unhappy re-sult is that under the terminology of the axiomatic school, as reflected in the Restatement Secon a promise needs consideration to be enforceable unless it does not need consideration to be enforceable. Chloros Skip to main content Accessibility help We use cookies to distinguish you from other users and to provide you with a better experience on our websites. What is consideration in contract law? Can a contract be enforceable?

How consideration can affect your contract? Few general facts regarding consideration:- 1.

An act done at the desire of a third party is not a consideration. In India, consideration may proceed from the promisee or any other person who is not a party to the contract. The definition of consideration as given in section 2(d) makes that proposition clear. According to the definition, when at the desire of the promisor, the or promisee or any other person does something such an act is consideration. Consideration may move from promise or any other person.

In other words, there can be a stranger to a consideration but not stranger to a contract. A consideration which consists in the performance of an act is said to be executed. When it consist in a promise, it is said to be executory.

The promise by one party may be the consideration for an act by some other party, and vice versa.

Though under the Indian Contract Act the consideration for an agreement may proceed from a third party, the third party cannot sue on agreement. See full list on lawtimesjournal. Only a person who is party to a contract can sue on it. The aforesaid principle is, however, subject to the following exceptions: 1. The general rule is that an agreement made without an agreement made without consideration is very important. A contract may only be enforceable when an adequate consideration is very important.

However, the Indian Contract Act contains certain exceptions to this rule. In the following cases, the agreement though made without consideration , will be valid and enforceable. In the case of estoppels by acknowledgement of liability or pa. A promises to carry B’s goods free of charge and B allows A to carry the same. Hence A will be the promisor and B will be promise.

The question that arises in this case is does B offer any consideration as against A’s promise to carry his goods? So the essence of consideration is. B and B promises to deliver to him a certain quantity of wheat within a month. Under which section consideration is defined?

What are the essential elements of consideration ? Has done or abstained from doing or b. Does or abstains from doing or c. There should be some act, abstinence or promise by the promise which constitutes consideration for the promise.

A stranger to consideration implies a promise who has not furnished any consideration from the promise made to him. In order for any contract to be enforceable, courts generally require three things: mutual assent (agreement to the contract terms ), a valid offer and acceptance , and consideration. REGENT UNIVERSITY LAW REVIEW This article will discuss one aspect of contracts law-consideration-in light of biblical criteria.

Such a move requires some preliminary groundwork. Application of biblical teachings requires more than citing a series of proof-texts. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person. As a further example of consideration moving from someone other than the promisee, Williston cites (at p. 452) the right of a mortgagee to recover under the mortgagee clause of a fire insurance policy even though it is the mortgagor who has paid the premiums.

The quarterly Public Contract Law Journal , the Section’s flagship publication, is dedicated exclusively, yet broadly, to public contract and grant law and related areas of practice. A focal point for the examination of timely legal issues confronting the judiciary, administrative tribunals, and the bar, the Public Contract Law Journal presents editorial coverage the mirrors the interest of. Instantly Find and Download Legal Forms Drafted by Attorneys for Your State. A definition exists in Ballentine’s Law Dictionary as past consideration is a consideration given before the making of a promise and without reference to it.

In the absence of a statutory provision dealing with the sufficiency of past consideration in the context of validity of a contract , common law will control. Parties may urge courts to use different standards to. The purpose is to motivate the parties to perform their tasks by offering returns. Carbolic Smoke Ball Co court developed that unilateral contracts are legally binding only to the promisor X who makes promise and did not bind to promisee Y unless Y accepts by performing the obligation of X offer. Until the promise Y performed the obligation, X had provided no consideration under the contract law.

Adequacy of consideration means that for a lawful agreement to be made, the offeree must give a price that is equal measure to the value given by the offeror. In law , adequacy of consideration means that for a lawful agreement to be made between two parties, the offeree, also known as the beneficiary, must give in return, a fair price, that is either in equal measure or reasonably proportional to the value given by the offeror, also known as the benefactor.