Contract law consideration doctrine

Parts of contract
One major factor about the doctrine of consideration is that consideration given for a promise must be sufficient but need not be adequate.
The value of consideration that the promisee gives need not be equal to the value of promise that has been made to him by the promisor._{Oct 6, 2021}.
Parts of contract
The Essential Characteristic of Consideration
Above, 3 types of consideration were listed: a promise to do something. a promise not to do something, and. a promise to pay money..
What is the doctrine of contract?
The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract..
What is the rule of consideration in contract law?
“When at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise.".

The doctrine of consideration requires that every contract must be supported by some form of consideration. In English law, there are several factors you should take into account when determining whether consideration is valid: Consideration must have some value (e.g. property, assets, monetary)

Can a contract be enforced without consideration?

Contracts, in other words, arise out of an exchange of promises where each party’s promise triggers the other’s, in what Oliver Wendell Holmes (1881 [1991: 293–294]) calls “reciprocal conventional inducement”

In exceptional circumstances, a gratuitous promise may be enforced in the absence of consideration

What does consideration mean in law?

Consideration is defined in law as something that consists of some: Something that the promise will give to the promisor

The carrying out of a specific act

Not doing something that the promise had the legal right to do

What is doctrine of consideration in contract law?

It still can be used to protect the interest of that claimant and prevent the original promisor from going back on their promise if the promisee has already acted upon it

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As defined by Sir Frederick Pollock, consideration is 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 for value is enforceable. Consideration is crucial in all contracts, and only with its presence will an agreement be deemed legally enforceable.

The doctrine of consideration requires that every contract must be supported by some form of consideration. Though a partial payment of the debt does not constitute a good consideration of the contract. The promise must be supported by the consideration, and it only can be if: The promise was made by both parties who mutually agreed to the promise.

Consideration is the ‘agreed equivalent and inducing cause of the promise (pg 119, contract law purple book). It is the price for which the promise of the other is bought (law of contract, pg 60). Traditionally, the doctrine of consideration has been defined as either a detriment to the promisee or a benefit to the promisor.

Statute of Frauds and the Doctrine of Consideration (1937) Cmnd 5449 was a report by the Law Revision Committee on the consideration and formality in English contract law and other areas.
It did not recommend abolition of the doctrine of consideration but made a series of recommendations to overturn the existing restrictions that had been developed by some common law courts.

Contract law consideration doctrine

Parts of contract

Parts of contract

What is the doctrine of contract?

What is the rule of consideration in contract law?

Can a contract be enforced without consideration?

What does consideration mean in law?

What is doctrine of consideration in contract law?