Adequacy of Consideration

Adequacy of Consideration. As is commonly stated, in the Absence of fraud, duress or misrepresentation, the courts will not question the adequacy of consideration. This means that they do not measure the comparative values of the considerations furnished by the plaintiff and the defendants respectively nor will they declare a contract to be invalid simply… Continue reading Adequacy 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