I still can't get my head around the difference. To me, they're both the same. They both invlive something that's already happened... Can anyone give me examples for what the difference is please?
Contract Law - what's the difference between past and executed consideration? Watch
- Thread Starter
- 10-05-2016 18:59
- 11-05-2016 07:00
executory contract :
e.g. "If you deliver the milk to me tomorrow, I will pay you $xxxx"
executed contract : e.g. Buying of newspaper. e.g. contract formed when parties finishes their part of providing consideration ( fetching of the newspaper and $).
Past consideration: contract formed, one party later give a new promise regarding the contract. e.g. Roscorla v Thomas -- transaction of horse completed, later the seller promised that the horse was sound and free from vice.
For Past consideration, A promise has not even been "determined"/ or existed when the contract is formed.Last edited by coder9413; 13-05-2016 at 05:48.