What is consideration?
There are three elements
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1st element
either a benefit to promisor or a detriment to the promisee
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2nd element
must be something requested by the promisor in return for his promise
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3rd element
Consideration must move from the promisee
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What is executory consideration?
A promise. I promise to £1000 in exchange for your promise to give the ownership of your car to me(a sale contract)
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What is executed consideration?
I promise to pay you £1000 to shout out loudly. Performance is executed consideration
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What is forbearance?
Not taking legal action against someone who owes you money. It is a good consideration
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What is past consideration?
Something which the promisee has already done before the promise is made. There is no detriment to the promisor or benefit to the promisee
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Existing duty
A policemen has a legal duty to protect the public. If you pay him to do that it is a bad consideration
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Existing contractual duty to a third party
George is under contract to work for the uni of leeds. I promise to pay him £1000 to teach me. This is a good consideration, because now if George doesn't teach me I can sue him, whereas previously I wouldn't have been able to, only UoL could.
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Existing duty in the same contract
changing the conditions within a contract. it isn't a good consideration because it generates neither a benefit or detriment
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What may promissory estoppal be used for?
modifying a contract
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Other cards in this set

Card 2


1st element


either a benefit to promisor or a detriment to the promisee

Card 3


2nd element


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Card 4


3rd element


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Card 5


What is executory consideration?


Preview of the front of card 5
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