Consideration Essay

... In the Oxford Dictionary of Law, consideration is defined as 'An act, forbearance, or promise by one party to a contract that constitutes the price for which he buys the promise of the other. Consideration is essential to the validity of any contract other than one made by deed. Without consideration an agreement not made by deed is not binding; it is a nudum pactum (naked agreement), governed by the maxim ex nudo pacto non oritur action (a right of action does not arise out of a naked agreement).' Without consideration, it is very hard to prove that a contract has been form, as it is an important element.1 In the English Legal System requires that a promise must be legally binding. Whether this must be either contained in a deed, or a simple contract, consideration must have been given in order for a contract to be valid. The doctrine

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