Consideration in Contract Law
Question 2: Consideration [952 words] Not every promise made is enforceable in law by the Courts, as this would clearly be impractical. A promise backed up by consideration gives a reason for enforcement [Atitah, p. ... Consideration can be “some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility, given, suffered, or undertaken by the other” [Currie v Misa 1875 REF2]. ... Further, the consideration given by one party does not have to be relative to the promise given by the other – “if a promisor gets what he asks for in return for his promise, he has received sufficient consideration and is bound”, irrespective of how much or little he asks. ... 209 REF 4, & Lord Somervell REF 5] Consideration may be executory i. ... Sufficient consideration, coupled with a valid promise incorporating an offer and acceptance, and an intention to create legal creations, gives rise to a binding contract. Where there is no consideration, the law safeguards against a floodgate of claims by insisting upon such promises being made in the form of a deed [Unit 4, pp. ... The rule ‘past consideration is no consideration’ stems from the case of Re McArdle (1951) [REF8]. ... It was held that the agreement was not enforceable, as it was not supported by consideration.