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Explain in detail consideration in a contract, and evaluate equitable estoppel.
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- Words:
- 1417
- Submitted:
- Mon Jun 28 2004
... Contract 1 Assignment 3 During the course of this essay I will attempt to explain in detail consideration in a contract, and evaluate equitable estoppel. The mere fact of agreement alone does not bind a contract. With contracts by deed,(under seal) they are enforceable even when there is no consideration. The requirements for a deed are as follows: (Law of Property-miscellaneous Provisions Act 1989).It must be clear on the face of the document that it is a deed. It must also be signed in the presence of a witness who attests the signature and delivered. Both parties to the contract must provide consideration if they wish to sue on the contract. This means that each side must promise to give or do something for the other1. For example, if one party, A (the promisor) promises to mow the lawn of another, B (the promisee), A's promise will only be enforceable
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