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Explain what judges take into account and what they ignore in deciding whether or not the lack of consideration is fatal to the existence of a binding contract.
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Contract Law Coursework Rajiv Pandya S/N 05832865 BA (Hons) Law With Accounting Year 2 i) Explain what judges take into account and what they ignore in deciding whether or not the lack of consideration is fatal to the existence of a binding contract. A contract can be defined as a legally binding agreement between two parties, it can be written, verbal or inferred by conduct. Consideration is a vital requirement to any contract, it can be defined as "an act or forbearance of one party, or the promise there of, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable1". Basically it is the price paid by one party for the promise of the other party to carry an action to fulfil the contractual obligations. It is generally accepted by the courts that there must be some economic value to the...
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