I need some assistance with these assignment. english business law Thank you in advance for the help!
Sir Fredrick Pollock’s definition of consideration is “An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise is thus given for value is enforceable.” This was approved by . Lord Dunedin in Dunlop v Selfridge Ltd ( 1915)
.It, therefore, follows that a gift is not a contract. . There is no contract if there is no consideration. However, consideration is required to be expressed in monetary terms. As such any discernible detriment to one of the parties could be that party’s consideration ( Duhaime) An agreement not to take a plot of land was considered a sufficient consideration(Hubbs). The law does not insist on the adequacy of consideration as it is between the parties to decide. The consideration should be reciprocal, with each party offering consideration. The motive should not be confused with consideration. Our motive for contracting may be for personal reasons but it may coincide with the consideration we are giving or receiving. If the consideration is already “spent” in a prior contract, . a new contract using that same consideration would be valid.
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