Search results
Results From The WOW.Com Content Network
The promisee may provide consideration to a third party, if this is agreed at the time the parties contracted. [10] The offeree must provide consideration, although the consideration does not have to flow to the offeror. For example, it is good consideration for person A to pay person C in return for services rendered by person B.
The main purpose of the shift from benefit-detriment to bargain theory is to avoid inquiries into whether consideration is adequate. For example, if a person promised you their car for $1.00 because they needed to get rid of it, then the $1.00 might seem adequate.
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.
Offer and acceptance are generally recognized as essential requirements for the formation of a contract (together with other requirements such as consideration and legal capacity). Analysis of their operation is a traditional approach in contract law .
The Carbolic Smoke Ball offer. In English contract law, an agreement establishes the first stage in the existence of a contract. The three main elements of contractual formation are whether there is (1) offer and acceptance (agreement) (2) consideration (3) an intention to be legally bound.
The Law Revision Committee recommend the following transactions should be binding per se. promises in writing; promises for past consideration; promises to accept part payments of debt to discharge the whole; promising to do what one is already bound to do; firm offers, where it is open for a period
Yawning often feels involuntary—it’s triggered by the same part of the brain as sneezing, Sullivan says. But the difference is, a yawn can be controlled from “the top down” if you think ...
Commercial law (or business law), [1] which is also known by other names such as mercantile law or trade law depending on jurisdiction; is the body of law that applies to the rights, relations, and conduct of persons and organizations engaged in commercial and business activities.