Sufficiency of Consideration

Sufficiency of Consideration. Whilst consideration need not be adequate, it must, however, have some value in the eye of the law. It must comprise some element which can be regarded as the price of the defendant’s promise. If consideration is too tenuous, vague, unascertainable, useless or meaningless, then it is insufficient and is, therefore, no… Continue reading Sufficiency of Consideration

Definition of Consideration

Definition of Consideration. Consideration in contract law, is an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. The most comprehensive and most applied definition of consideration, is that of Lush, J., in Currie V. Misa (1875) L.R.10 Exch.153 at p.162.“…a valuable consideration in the eye… Continue reading Definition of Consideration

Consideration in Contract

Consideration in contract is the profit or benefit, etc. which accrues to one party, that amounts to a detriment or responsibility etc. suffered by the other party in return for a promise given or received. Therefore, to sustain an action on a promise made by the defendant, the plaintiff must show either that the promise… Continue reading Consideration in Contract