3mmz
Badges: 19
Rep:
?
#1
Report Thread starter 1 year ago
#1
I have a test for contract law coming up next week and I just am a bit confused with these terms even though they sound and should be easily understood....

The term 'consideration' confuses me....like what does it exactly mean

Also the doctrine 'promissory estoppel' confuses me.

Any help will be appreciated

Many thanks all!
0
reply
London090
Badges: 20
Rep:
?
#2
Report 1 year ago
#2
consideration

n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must bebargained for between the parties, and is the essential reason for a party entering into a contract. Considerationmust be of value (at least to the parties), and is exchanged for the performance or promise of performance by theother party (such performance itself is consideration). In a contract, one consideration (thing given) is exchanged foranother consideration. Not doing an act (forbearance) can be consideration, such as "I will pay you $1,000 not tobuild a road next to my fence." Sometimes consideration is "nominal," meaning it is stated for form only, such as"$10 as consideration for conveyance of title," which is used to hide the true amount being paid. Contracts maybecome unenforceable or rescindable (undone by rescission) for "failure of consideration" when the intendedconsideration is found to worth less than expected, is damaged or destroyed, or performance is not made properly(as when the mechanic does not make the car run properly). Acts which are illegal or so immoral that they areagainst established public policy cannot serve as consideration for enforceable contracts. Examples: prostitution,gambling where outlawed, hiring someone to break a skater's knee or inducing someone to breach an agreement(talk someone into backing out of a promise.) (See: contract)
I found this online btw at this website it might help with the explanation as the term "consideration": https://legal-dictionary.thefreedict.../consideration
0
reply
RV3112
Badges: 15
Rep:
?
#3
Report 1 year ago
#3
(Original post by 3mmz)
I have a test for contract law coming up next week and I just am a bit confused with these terms even though they sound and should be easily understood....

The term 'consideration' confuses me....like what does it exactly mean

Also the doctrine 'promissory estoppel' confuses me.

Any help will be appreciated

Many thanks all!
Put really simply, a contract requires an offer, acceptance, consideration, and an intention to create legal relations (plus a capacity to be able to enter into a contract). Consideration is simply something of value that changes hands to bind the contract. So for example, in a retail transaction, when you are buying goods, your consideration is the money you pay.

Again, put very simply, Promissory Estoppel might arise if someone makes you a promise that they will not enforce a legal right, and you act upon this promise. The promisor may be prevented (estopped) from going back on the promise. So for instance, if a landlord promised to accept half rent for a period of time, promissory estoppel might prevent him from changing his mind at a later stage and suing a tenant for the back rent.

I'd emphasise that these are really basic and crude explanations to start you off. Your textbook will deal with these areas in a lot more detail that you will need to know for an undergrad contract law exam.
0
reply
3mmz
Badges: 19
Rep:
?
#4
Report Thread starter 1 year ago
#4
(Original post by RV3112)
Put really simply, a contract requires an offer, acceptance, consideration, and an intention to create legal relations (plus a capacity to be able to enter into a contract). Consideration is simply something of value that changes hands to bind the contract. So for example, in a retail transaction, when you are buying goods, your consideration is the money you pay.

Again, put very simply, Promissory Estoppel might arise if someone makes you a promise that they will not enforce a legal right, and you act upon this promise. The promisor may be prevented (estopped) from going back on the promise. So for instance, if a landlord promised to accept half rent for a period of time, promissory estoppel might prevent him from changing his mind at a later stage and suing a tenant for the back rent.

I'd emphasise that these are really basic and crude explanations to start you off. Your textbook will deal with these areas in a lot more detail that you will need to know for an undergrad contract law exam.
Thank you! That helped me a lot!
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Are you worried that a cap in student numbers would affect your place at uni?

Yes (227)
61.02%
No (77)
20.7%
Not sure (68)
18.28%

Watched Threads

View All