Wednesday, April 3, 2013

The Role Of Consideration In Contract

People make get downs every day. Each time they subvert food, drink, or property the actions are counted as contracts in the eye of the law. indeed what is a contract? Peel defines contract as a harmony of giving rise to rules which can be forced and accepted by law (Peel 2007, cited in Wishart 2010 p.1). Therefore there are three elements of contract: hope, agreement, and recognition by the law. The most important element of contract is enforcement. If a contract is not recognised by the law, it is not enforceable and it direction that parties of contract are not bound by their agreements. In contract law, the contracts enforceability is provided by consideration. In this essay, I will provide information about consideration, starting with its interpretation, functions, requirements and the use of consideration.
In common law, the parties of agreement must obtain something in return for their undertakings, which are provided by consideration (Poole 2010, p. 123). The traditional definition of consideration is given by Currie v Misa [1875 Lush J] (cited in Poole 2010 p.123):
A valuable consideration, in the eyes of the law, may rest either in some right, interest, profit, or benefit accruing to the atomic number 53 party, or some forbearance, detriment, loss, or responsibility given, suffered or undertaken by the other.

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The definition of consideration indicates that consideration has the function of enforceability, a clean evidence of the existence and seriousness of the undertaking, binding the parties. The enforceability function of consideration is defined by Lord Dunedin Dunlop Pneumatic tyre Co. Ltd. v Selfridge & Co. Ltd. [1915] (cited in Koofman - Mcdonald 2007 p.123), where he said:
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 value for is enforceable.
The function of the evidence of existence and seriousness of undertaking, and the function of binding...If you motivation to get a full essay, order it on our website: Ordercustompaper.com



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