Consideration

promise will not be enforceable until it is supported by consideration. "Consideration means an act or promise given in exchange for the promise." A promise to pay more must be supported by consideration since, the factual benefit cannot amount to consideration to accept less. "However, there is some question as to how far it is modified by an equitable principle known as promissory estoppel." Where a promise is not supported by consideration, the promise may be binding under the doctrine of promissory

Under Texas law, does a third party possessor with an unrecorded deed to the property, in the absence of bad faith or inadequate consideration, have a superior claim to a property than a subsequent purchaser if circumstances suggest that the subsequent purchaser should have had constructive notice of his presence on the property? BRIEF ANSWER(S) Yes. The third party possessor has a superior claim to the property than the subsequent purchaser in spite of the fact that the possessor has not recorded

which is consideration. Besides, we also will briefly explain the principles of offer and acceptance of offer in our case study. In this report, the principles of consideration consist of four elements which are consideration must be sufficient and need not be adequate, consideration need not move from the promisee, part payment of debt as satisfaction of a full debt, and past consideration is valid consideration. Moreover, we also have made a depth-research on principles of consideration with a several

relating to consideration, what constitutes “nominal” and “sufficient” consideration, and whether there is limited regulation in Australian contract laws as to when the consideration is regarded as sufficient. The concept of consideration goes back to the 15th century when I was first introduced in order to approach the fraudulent claims. Australian contract law has its root in English contract law. The famous English case law Currie v Misa (1875) contains a definition of Consideration in its judgment

to pay if things run smoothly. The courts may say that there is an intention to fulfil the promised bonus based on the consideration of the level of performing an act. APPLY: In Stilk v Myrick [1809]1, it was held that on the evidence of the signed contract the plaintiff was bound to do a duty under an existing contract and that duty could not be considered valid consideration for a new contract.

Contract is an agreement enforceable by law under S.2(h) of Contarcts Act 1950 .An offer is referred as proposal which is made when one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence are defined under S.2(a) of Contracts Act 1950. S.4(1) of the Contract Act 1950 provides the communication of proposal is complete when it comes to the knowledge of the offeree. What the offeree has done

BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it effect to the agreement? Consideration is something of value exchanged for the promise. It is something given by a promisee in return

The statement in this question is “Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. However, “past consideration is not considered a good consideration”. Please illustrate your answer with reference to 3 articles and case laws.” Consideration can be classified as one party expect to get benefit from other according to the act performed by parties with a contractual deal. The benefit can be something valuable

In order to come to a clear decision on whether Marina should purchase the artwork from her client, she would go to others for assistance and their expertise. The few questions I may ask are, if they believe purchasing the artwork could hinder the client in any way if purchasing the artwork could be beneficial to the client, and if Marina purchases the artwork was it for selfish reasoning’s, and if so is this unethical? All of the questions I wish to ask other professionals are ethically based questions

The one concept that I found to be most important was Individualized Consideration because I found it to be the most beneficial to my Airmen when addressing feedback and any problem(s) that may arise within the unit. It is most beneficial to my Airmen because if a problem were to arise I as their leader would be able to understand that my subordinates are individuals and my hay handle solving the problem differently and that they all would internalize constructive criticism differently as well.