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Consideration

Member rating: 10 out of 10 stars (1 vote) | Words: 1496 | Submitted: Mon Mar 31 2008

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Consideration Francis agrees to build a swimming pool for Gerald for £5,000, payable on completion. After beginning to dig the pool, Francis hits a layer of rock, which makes the work a great deal harder. Francis refuses to proceed unless he is promised another £2,000. Gerald reluctantly agrees to pay Francis, and as a gesture of goodwill he makes one or two small improvements to the pool. On completion, Gerald tells Francis that all he can afford is £5,000. Since Francis is also short of cash, he agrees to accept £5,000 in full settlement. Francis has now discovered that Gerald is rich enough to install a wave machine in his pool. Advise Francis, who now wants to recover the £2,000 that he was promised. All contracts require that something is given in return for something else from the other party, this is known as consideration. There are many definitions of consideration, but Currie...

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