Consideration In Contract Law

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Contract Law 1 a.) Consideration within contract law means that a seller promises to provide goods in exchange the buyer will provide money. This is sometimes referred to as “the price paid for a person’s promise”. A definition for consideration was set out in the case of Currie v. Misa (1875) LR 10 Ex 153 it was defined in the following way: “A valuable consideration, in the sense of the law, may consist either of some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment loss or responsibility, given, suffered or undertaken by the other”. (Legal sectary journal, 12/01/2016) B.) With regards to Denise paying the £500 for completing the work on the second deadline, it could be argued that a contract was formed between Denise and Erick when Denise asked Erick to complete the work by the 15th in order to receive the £500, Erick did complete the work on time there for is due the payment, this comes under consideration as something was offered in return for payment. In order for the promise to be enforceable there has to be a clear and sufficient proof of consideration from promisee. Erick accepts the offer of£500 there for a price is agreed upon and past consideration may not …show more content…

This is set out in the case of Dakin v Lee 1916 1 KB 566, in this case the defendants promised to build according to specific details and failed to carry out all the requirements, the court of appeal held that the builders should be able to recover the contract price, even in regards to items found to be

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