CHECK THESE SAMPLES OF Contracts Must Be Supported by Consideration
These include the facts that consideration has to be sufficient or real, it has to be something besides the existing obligation to the contracting parties, it must not be a consideration for past contracts, it has to be given as a return to a prior promise, it must be economically valuable and it has to emanate from the party making a promise.... This essay "The Doctrine of consideration" discusses the principles underpinning the doctrine of consideration and its necessity in English contract law....
6 Pages
(1500 words)
Essay
According to the law of English contracts, if an agreement or a promise is not supported by consideration then it is considered nudum pactum (a bare promise) and it is not enforceable by law.... The author of the paper "consideration in English Law Is Required in Every Contract" discusses that one of the most used terms in law is a consideration and this is meant to give meaning to contracts.... consideration is one of the tenets of contract law....
6 Pages
(1500 words)
Essay
Adequacy of consideration forms a part of courts' interpretation of fairness in terms of the exchange supported by the contract.... Old court practices did not highlight adequacy in consideration.... Mitigating principles under contract law imply that the parties to a contract must accept the exchange value forwarded by the other party to avoid sustaining an avoidable loss....
8 Pages
(2000 words)
Essay
Therefore, a contract that contains promises unsupported by consideration is void ab initio.... Consideration need not be adequate but must be sufficient.... Consideration must move from the offeree to the offeror, that is, the person making the offer must be expecting something in return.... Consideration must be something of value, however trifling to the offeror, or something of a detriment to the offeree.... Consideration must be sufficient in law, but need not be sensible in fact....
7 Pages
(1750 words)
Case Study
Firms seeking contracts in different spheres of operations as classified by NAICS adopt different contracting or pricing schemes that are in line with their needs and capabilities and also by putting into consideration the needs of clients.... The paper "Contract Cost Considerations " discusses that the FFP system appears to be the most appropriate in the case of ATT in that the company is keen on supplying services on the basis of reasonably definite functional or detailed specifications....
6 Pages
(1500 words)
Research Paper
nder Australian law, a contract is defined as a promise by a party to act or refrain from acting in an agreed way in return for some kind of consideration.... For a contract to be legally binding it has to have the following elements; an agreement (where one party offers and the other accepts), consideration where each party has to benefit from the contract, intention to create legal relations, it must adhere to legal formalities and parties involved in the contract should possess the legal capacity to enter into a contract....
6 Pages
(1500 words)
Assignment
The paper "Law of Contract" is an impressive example of a law case study.... Compuhelp is a company that provides technical support assistance.... The company is contacted by John who owns office supplies about their services.... Compuhelp through its sales representative Sophie after a conversation with Office supply states that Compuhelp can provide the services requested by Office supply....
6 Pages
(1500 words)
Case Study
The paper "New Zealand Constitution, Contract consideration" is an outstanding example of law coursework.... The paper "New Zealand Constitution, Contract consideration" is an outstanding example of law coursework.... The paper "New Zealand Constitution, Contract consideration" is an outstanding example of law coursework....
8 Pages
(2000 words)
Coursework