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A Brief Introduction to Consideration.
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| Submitted: Mon Jun 19 2006
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A Brief Introduction to Consideration Consideration can be described as where the promisee suffers some detriment (to be dealt with later), but confers no corresponding benefit to the promisor. The consideration need not move to the promisor, only from the promisee. The modern view of consideration is that an act performed on the faith of a promise is good consideration regardless if it is of no benefit to the promisor and no detriment to the promisee. Simple contract: Any contract not under seal. (writ of assumpsit) Specialty contract: A contract under seal. (writ of covenant) All simple contracts require consideration to give rise to legal relations. A written contract, signed and witnessed, is still unenforceable without seal or consideration. An exchange must occur 1. A promise for a promise (bilateral contract) 2. A promise for an act (unilateral contract) Other forms of consideration Reliance: When one party does an act on the reliance on...
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