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Law of Contract: Law - Case Study Example

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The question of the "Law of Contract: Case Law" paper is, if there is a promise made by one party to do something, parallel to the main contract, to another party, then what will be the consequence of the performance of that pre-existing duty and how does the law consider the same…
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Law of Contract: Case Law
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Download file to see previous pages The contract consists of an actionable promise and promises. Every such promise involves two parties, a promiser and promise and an expression of a common intention and of expectations as to the act or forbearance promised 

It is what a party objectively demonstrates, not what a party may subjectively be thinking. Mutual assent is manifested in an offer, acceptance, and consideration. An offer is an indication by one party, offeror of a willingness to enter into a contract with another party, offered on some specific terms. A valid offer creates a power exclusively in the hands of the offeree such that all that is needed to form a contract is accepted. If one or more of the terms are missing from the offer, a court may supply those terms. Acceptance is an unequivocal indication that the offeree agrees.

nothing. The scope of Consideration arises from when a person makes a promise to another; he does so with the intention of deriving some advantage which the person to whom the proposal is made is capable of conferring upon him. In this sense we can define consideration as a legal detriment bargained for in exchange, i.e. agreeing to do something which you have no legal obligation to do or agreeing not to do something which you have a legal right to do.

In Currie Vs Misa (2)the term consideration defined as “ a valuable consideration in the eye of law may consist either in some right, interest, profit or benefit accruing, to the one party, or some forbearance, and detriment, loss or responsibility given, suffered, or undertaken by the other.” In Dunlop v Selfridge (3) the consideration is defined as "an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable." From all these definitions and explanations of consideration, it is apparent that an act without consideration is not legally binding; it is a so-called naked act, which does not give rise to a right of action. ...Download file to see next pagesRead More
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