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CONTRACT LAW PART B USANA PARMAR All Contracts require something to be given in return for something else given from the other party. That something is called 'consideration' and each party who have entered into a contract must supply consideration for the contract to be valid and therefore enforceable. This feature of the formation of contract is the bargaining element where something is to be gained on each side. A classic definition of consideration, which in essence emphasises the theory of benefit and detriment, is given by Lush J in Currie v Misa (1875) where he said that : - ' A valuable consideration may consist either in some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other'. We could also think of consideration as the 'price' paid for the contract and it sounds logical if we...

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