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Consideration - in the existence of a contract.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Consideration To establish the existence of a contract we have firstly seen that we need to find an agreement, this has been explained in terms of Offer and Acceptance. For the courts to enforce such an agreement however there are other elements that need to be found, the one we will deal with next is consideration, the final element is an intention to create legal relations, which will be dealt with subsequently. So what is consideration? In its simplest form consideration can be viewed as the price of the contract. If I offer to sell you a PS2 for £75 and you accept, then it is possible to see that both parties are giving something for the contract, I will transfer legal ownership of the PS2 and you will give me £75. There are various ways that the courts have described this situation and not always aiding clarity one of the more common definitions...
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