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Types of Consideration - Law of Contract - Lecture Slides

Slides, Law Of Contract

Post: December 31th, 2012
Description
Types of Consideration, Dunlop V Selfridge, House of Lords, Executed Consideration, Future Consideration, Rules of Consideration, Loss Suffered, Promise to a Stranger, Public Policy, Natural Love and Affection are some points from this lecture. This lecture is part of lecture series on Law of Contract course. I have full series of lectures on this subject. I am sharing this with my friends on docsity. Enjoy.
Types of Consideration, Dunlop V Selfridge, House of Lords, Executed Consideration, Future Consideration, Rules of Consideration, Loss Suffered, Promise to a Stranger, Public Policy, Natural Love and Affection are some points from this lecture. This lecture is part of lecture series on Law of Contract course. I have full series of lectures on this subject. I am sharing this with my friends on docsity. Enjoy.
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Contents
Consideration Definition: X promises not to file a suit against Y if Y pays him $100 by a fixed date. The forbearance of X is the consideration for Y's Payment. A promise given in a contract is only binding on the promisor if (i) it is supported by consideration; or (ii) the promise is in the form of a deed. Currie v Misa: consideration is either an advantage to the promisor or a detriment incurred by the promisee. A better definition adopted by the House of Lords in Dunlop v Selfridge is an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable. Types of Consideration 1. Present consideration: •Consideration which moves simultaneously with the promise is called Present Consideration or Executed Consideration. 2. Future consideration: •When the consideration is to move at a future date, it is called Future Consideration or Executory Consideration. 3. Past consideration: ..

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