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In contract law, [1] a simple contract is a contract made orally, in writing, or both, rather than a contract made under seal. [2] Simple contracts require consideration to be valid, [3] but simple contracts may be implied from the conduct of parties bound by the contract. [4] William Blackstone observed in his Commentaries on the Laws of ...
Example of past consideration is, A renders some service to B at latter's desire. After a month B promises to compensate A for service rendered to him earlier. When consideration is given simultaneously with promise, it is said to be present consideration. For example, A receives Rs.50/- in return for which he promises to deliver certain goods ...
Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including in the United States.
This includes the sale of land, [6] a lease of property over three years, [7] a consumer credit agreement, [8] and a bill of exchange. [9] A contract for guarantee must also, at some stage, be evidenced in writing. [10] As a matter of contract English law takes the approach that a gratuitous promise, as a matter of contract law, is not legally ...
For example, while a contractual promise historically had to be proved by writ or oath, the Requirements of Writing (Scotland) Act 1995 provided that a promise need only be evidenced in writing for the creation, transfer, variation or extinction of a real right in land (s 1(2) (a)(i) of Requirements of Writing (Scotland) Act 1995) and for a ...
In general, oral contracts are just as valid as written ones, but some jurisdictions either require a contract to be in writing in certain circumstances (for example where real property is being conveyed), or that a contract be evidenced in writing (although the contract itself may be oral). An example of the latter is the requirement that a ...
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