Logged out
Access All our Essays in an Instant
Swap your work for FREE access, or pay £4.99 for instant access
What is the doctrine of consideration? Explain its relationship to the equitable doctrine of promissory estoppel.
Member rating: No Rating | Words: | Submitted: Mon Dec 22 2003
Page Preview
On the left is an image preview of every page of this document, and below are the first 150 words with formatting removed:
What is the doctrine of consideration? Explain its relationship to the equitable doctrine of promissory estoppel In order for an agreement to become a legally binding contract, the common law position is that there must either be a formalised deed or some form of consideration between the parties. The doctrine of consideration is based upon the idea that a promisee must give or promise to give something in return for the promise or unless the promisor has obtained or been promised something in return. The traditional concept of consideration is an objective one as only the things the parties said and did are taken into account, rather than their actual intentions. However, recent judgements have placed more emphasis on the intentions of the parties when deciding if consideration has occurred as can be seen by Lord Justice Russell's statement. 'The courts nowadays should be more ready to find its existence so...
To see the full version of this document, and 145,348 others
