Consideration (OCR A-Level Law): Flashcards
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Consideration definition
Consideration definition
Price paid for a promise, making it enforceable
Benefit & detriment concept
Benefit & detriment concept
Both parties must receive benefit & suffer detriment
Must consideration be adequate?
Must consideration be adequate?
No, need not be fair in value, only must exist
Thomas v Thomas (1842) principle
Thomas v Thomas (1842) principle
£1 rent sufficient even if below market value
Must consideration be sufficient?
Must consideration be sufficient?
Yes, must be real, tangible & legally recognized
Past consideration rule
Past consideration rule
Past consideration cannot support a new promise
Lampleigh v Braithwaite exception
Lampleigh v Braithwaite exception
If service requested w/ implied payment, promise enforceable
Pre-existing duty rule
Pre-existing duty rule
Existing obligation can't be consideration for new agreement
Stilk v Myrick (1809) principle
Stilk v Myrick (1809) principle
Performing existing duties not valid consideration
Hartley v Ponsonby exception
Hartley v Ponsonby exception
Going beyond existing duties = new consideration