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Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise. It can take a number of forms: money, property, a promise, the doing of an act, or even refraining from doing an act.
Consideration may be past, present or future. Past consideration is not consideration according to English law. However it is a consideration as per Indian law. 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.
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 .
Download as PDF; Printable version ... Landmark Cases in the Law of Contract (2008) is a book ... (1765) on the doctrine of consideration; Carter v Boehm ...
The pre-existing duty rule is an aspect of consideration within the law of contract. Originating in England the concept of consideration has been adopted by other jurisdictions, including the US. In essence, this rule declares that performance of a pre-existing duty does not amount to good consideration to support a valid contract; but there ...
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
Download as PDF; Printable version; ... 23 LJ Ex 36 is an English contract law case, concerning the scope of consideration in English law. Facts
Part I – Introduction; Part 2 – Formation of Contract Chapter 2 – The Agreement, Chapter 3 – Consideration, Chapter 4 – Form, Chapter 5 – Mistake, Chapter 6 – Misrepresentation, Chapter 7 – Duress and Undue Influence