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Can performance of existing duty amount to consideration?
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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CAN PERFORMANCE OF EXISTING DUTY AMOUNT TO CONSIDERATION? Existing duty, does it amount to consideration? Initially we need to understand what consideration means. Consideration is a benefit to the promisor, a detriment to the promisee or both. In Currie v Misa (1975) it was stated that " consideration existed when there was some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility, given, suffered or undertaken by the other 1. Both parties must agree for there to be a contract, i.e. you cut my hair and I give you £5. I give you my car and you give me £1000. Existing duty is where a promisee is already bound to perform an existing legal duty. To go above and beyond that which they are already contracted is consideration. Although the courts have recently discovered that there can be consideration present in existing duty, which is...
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