Ct3 - Contract Law: (1) Contract Formation: The Doctrine of Consideration

Consideration is a very important element in the formation of a legally enforceable contract. In fact, without consideration we cannot enforce a contract. This huge part of Contract Formation will be covered in two lengthy podcasts; first an examination of the doctrine of consideration followed by an overview of the equitable remedy of estoppel developed by the courts to circumvent some of the more harsh effects of the doctrine of consideration.

Contents: 

1) CONTRACT FORMATION

  D. THE DOCTRINE OF CONSIDERATION

• Consideration must move from the Promisee
• Consideration must not be Past
• Consideration must be Sufficient, but it need not be Adequate
• Invented or Illusory Consideration is not Sufficient
• Forbearance and Compromise
• Performance of an Existing Debt
• Part Payment of an Existing Debt

I hope you find this helpful. In the next podcast, we will consider estoppel, an addendum to Consideration in contract law. As usual, I accept no liability for any errors, omissions or inaccuracies in this or indeed in any of the podcasts posted on this blog by me or any other contributor. This is a free resource. Any comments, thoughts, complaints or corrections? Please email me at preparingforkingsinns@gmail.com or leave a comment below.