Consideration - Legalsolicit
Consideration - Legalsolicit
Consideration
July 8, 2022 by solicit_legal
WHAT IS CONSIDERATION?
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Definition of Consideration
During the 19th century, consideration
was established in one of two ways : a
promissee either had to prove that he had
conferred a benefit on the defendant
(promisor) for which the defendant’s
promise was given ; or he had
established that he suffered or incurred a
detriment as a result of acting on the
defendant’s promise. This definition was
found to be limiting and so as the law
developed, a consideration was viewed
as the price of a bargain, referring to
whatever was given in exchange for the
promise of the other party. Thus, the
price paid by the plaintiff for the
defendant’s promise, such price
consisting either in the doing of some act
or the making of some promise in
exchange for the defendant’s promise.
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Consideration is said to be executed
when it consists of an act which is
performed in exchange for a promise.
Executed consideration arises in
unilateral contracts, which are typically
formed by the exchange of a promise for
the actual performance of an act, such as
reward contracts. The performance of
the act constitutes the acceptance as
well as the consideration.
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WHAT IS FORBEARANCE AS
CONSIDERATION
WHAT IS SUFFICIENCY OF
CONSIDERATION?