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The role of consideration in contract law uk
The role of consideration in contract law uk
The role of consideration in contract law uk
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A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written. In English Law consideration is one of the three main areas of an enforceable contract. It may be defined as an act, forbearance or promise made by a single party that constitutes the price for which the promise of another, is bought. In simple terms, the basic understanding of consideration may be seen as a ‘give and take’ tactic between two parties. Occasionally there may be misunderstandings made by individuals/parties in differentiating between a simple contract and a speciality contract. From what is understood, a speciality contract may be; “illustrated by reference to gifts”, as stated by (Richards, 2009). In the case of one party promising to give another party £50, it is merely seen as a gift, therefore this is considered unenforceable as a simple contract. This may be justifiable as there is nothing which clearly illustrates that, it is a necessity for a party to give something, in order for them to be able to enforce a promise. This is also known as the “quid pro quo,” it has been similarly illustrated in; Dunlop v Selfridge [1915] AC 847 (HL). The courts of England and Wales acknowledge that the above must be something of value, in order to amount to consideration. A valuable consideration in the perspective of the English La... ... middle of paper ... ...ub principles of consideration, which is also known as one of the most important methodical processes of a formation of a contract. Overall, this may be seen as the essence of a legal contract, the exchange of consideration, which if excluded, will contain nothing more than an unenforceable promise. Works Cited 1. Martine, Elizabeth A., Jonathon, Law. (2006) Oxford Dictionary of Law, 6th Ed, Oxford University Press. 2. Lampleigh v Braithwaite [1615] EWHC KB J 17 3. Pao On v Lau Yiu Long [1980] AC 614 4. Poole, J. (2008) Contract Law, 9th Ed Oxford. Oxford University Press. 5. Roscorla v Thomas [1842] 3 QB 234 6. Slapper, G. Kelly, D. (2011) The English Legal System, 12th Ed. Routledge. 7. Thomas v Thomas [1842] 2 QB 851, 114 ER 330 8. Dunlop v Selfridge [1915] AC 847 (HL) 9. Richards, P. (2009) Law of Contract, 9th Ed. Pearson Longman.
Culver, Keith Charles. Readings in the philosophy of law. 1999. Reprint. Peterborough, Ont.: Broadview Press, 2008. Print.
This concludes my summary of lessons gleaned from the course BSL 301 Legal Research, Writing, and Analysis referencing Honigberg, G. "Gilbert Law Summaries: Legal Research, Writing, and Analysis" 10th ed. BarBri Group, 2006.
...trust and confidence, which implores for a doctrine of good faith. Hence, although the future of a general principle of good faith in English contract law may not be certain, a judicial movement is slowly gaining momentum to increase the steps towards its realization.
(Insert Citation p 305). Consideration refers to the attained good or service agreed upon by each party under a contract. Contractual Capacity is the legal ability to enter into a binding agreement. Some factors that affect contractual capacity are: age, mental health and agreements under alcohol intoxication. Last but not least is the legal object, which means that for a contract to be enforceable it must be of legal intent and comply with public policy. If all of these factors are present in a contract, we can conclude that a binding contractual agreement exists and it is enforceable by law.
HILLIARD, J. And O’SULLIVAN, J. (2012) The Law of Contract [Online] 5th Ed. Oxford: Oxford University Press. Available from - http://books.google.co.uk/ [Accessed: 2nd January 2014]
Intention to create legal relations can be defined as follows. ‘An agreement will only become a legally binding contract if the parties intend this to be so. This will be strongly presumed in the case of business agreements but presumed otherwise if the agreement is of a friendly, social or domestic nature.’ Source (HNC unit 5 Business law course book) In determining whether the parties intend their agreements to be legally binding the court is guided by two presumptions. Parties to a domestic or social agreement do not intend to be legally bond. Parties to a business agreement intend to be legally bond. These are presumptions only and can be rebutted by sufficient evidence to the contrary. Domestic and Social Agreements Balfour v Balfour (1919) Merritt v Merritt (1976) Simpkins v Pays (1955) Business Agreements Jones v Vemons Pools (1938) Source (HNC Business law notes) One of the essential elements in the creation of a binding contract, this intention is implied by the fact that it is not expressly denied. If expressly denied (as in a so-called gentlemen's agreement) the contract may not be enforceable. Consideration {text:bookmark-start} {text:bookmark-end} If you look at a legal agreement or contract, you will generally see a phrase in the opening paragraph indicating that the parties agree on an amount of money or "other good and valuable consideration." The concept of consideration has a long history in the law, but simply means something of value. An exchange of consideration between the parties to an agreement is necessary fo...
The English contract Offer and Acceptance General principles There are three basic essentials to the creation of a contract which will be recognised and enforced by the courts. These are: contractual intention, agreement and consideration. The Definition of an Offer. This is an expression of willingness to contract made with the intention (actual or apparent) that it shall become binding on the offeror as soon as the person to whom it is addressed accepts it. An offer can be made to one person or a group of persons, or to the world at large.
A contract is an agreement which has its specified terms and conditions between two or more parties in which there is a promise to do something in return for a benefit.
The English legal system is ostensibly embedded on a foundation of a ‘high degree of certainty with adaptability’ based on a steady ‘mode’ of legal reasoning. This rests on four propositions
The basic law of a contract is an agreement between two parties or more, to deliver a service or a product. And reach a consensus about the terms and conditions that is enforced by law and a contract can be only valid if it is lawful other than that there can’t be a contract. For a contract to exist the parties must have serious intentions, agreement, contractual capacity meaning a party must be able to carry a responsibility, lawful, possibility of performance and formalities. Any duress, false statements, undue influence or unconscionable dealings could make a contract unlawful and voidable.
Based on common law and precedent, the English law of contract has been formulated and developed over a number of years with it’s primary purpose to provide a regulated framework within which individuals can contract freely. In order to ensure a contract is enforceable there are certain elements which must be satisfied, one of which is the doctrine of consideration. Lord Denning famously professed; “the doctrine of consideration is too firmly fixed to be overthrown by a side wind” . This is a crucial indication that consideration has long been regarded as the cardinal ‘badge of enforceability’ in the formulation and variation of contracts in English common law.
United Kingdom is a country with a distinctive set of legal system. It is fairly different from other countries having civil law based legal systems. The legal system in the United Kingdom consists of various sources of law, where other civil law based countries rely only on a written set of law. European influences on the English Legal System came much later in near decades. This essay will aim to examine the development of the English Legal System by reviewing applications of various sources of law in the English Legal System furthermore to discuss the recent European influences on the law of England.
This essay will examine the doctrine of Judicial precedent that helps form the English Legal System. It will illustrate various views that have been raised by Judges and relating cases to the use of ‘Stare decisis’ when creating precedents. In addition it will discuss how the developments in the powers of the courts now also allow them to depart from these precedents to an extent.
in criminal law and Beckett Ltd v. Lyons [1967] 1 All ER 833 the law
A contract is an agreement between two parties in which one party agrees to perform some actions in return of some consideration. These promises are legally binding. The contract can be for exchange of goods, services, property and so on. A contract can be oral as well as written and also it can be part oral and part written but it is useful to have written contract otherwise issues can be created in future. But both the written as well as oral contract is legally enforceable. Also if there is a breach of contract, there are certain remedies for that which are discussed later in the assignment. There are certain elements which need to be present in a contract. These elements are discussed in the detail in the assignment. (Clarke,