Contract Law - Free Law Essay - Essay UK.
The Place of the Doctrine of Consideration in Modern-day Contract Law Introduction. The common law, as Wright deliberates, 1 has long upheld the requirement of something external to the agreement in itself for a contract to be legally enforceable (albeit with the exceptions of agreement in the form of a deed and in certain circumstances where promissory estoppel operates such as in Walton.
Consideration serves certain functions, some of which may be rendered redundant by other elements of agreement in the formation of a contract. What these functions are, and to what extent they can be fulfilled by, let's say, the criterion of an intent to create legal relations, are up for discussion.
Under contract law, consideration must be present and both benefit and cause detriment to both parties. In this case, only Pollard benefited from the new non-competitive agreement.
Advising Simon about the Consideration under English Contract Act. “What the law is” A valid contract must be a two way-street. If one party receives all the advantages and if the other party gets nothing, then it can be said that there is lack of consideration in the agreement and hence, it is not an enforceable contract.To form a valid consideration, the contract should contain the.
The doctrine of consideration is infrequently put in argument in employment law, but its influence can be detected in a line of cases which are consistent with the classical doctrine. Accordingly, at the formation stage, no contract was created where a casual worker on a farm received, by way of 'payment'.
In English Contract Law, a contract is based on an exchange of promises—and in order for a promise to be enforceable, it must hold consideration. Consideration is thus something of value that is given by both parties to a contract that induces them into the agreement to exchange mutual performance. (Thomas v Thomas) Consideration can either be a benefit or some form of forbearance or loss.
What is the doctrine of consideration Essay Sample. In order for an agreement to become a legally binding contract, the common law position is that there must either be a formalised deed or some form of consideration between the parties. The doctrine of consideration is based upon the idea that a promisee must give or promise to give something in return for the promise or unless the promisor.