Discussion questions week 3 - Essay Example

B) Then there is a need to show consideration which is to show that both parties to the contract must provide something of value if they wish to sue on the contract. This can be a promise to give or do something for the other. Lush J. in Currie v Misa (1875) LR 10 Exch 153 referred to consideration as consisting of a detriment to the promisee or a benefit to the promissory:"… some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other.

” Another definition is provided by Sir Frederick Pollock, approved by Lord Dunedin in Dunlop v Selfridge Ltd [1915] AC 847 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." C) Thirdly is trite law that the offer and acceptance should culminate into a contract based upon and in consonance with the “mirror image rule of contract formation”.1 A contract is :“an agreement giving rise to obligations which are enforced or recognised by the law.

The factor which distinguishes contractual from other legal obligations is that they are based on the agreement of contracting parties”. 2An offer can be defined as :“an expression of willingness to contract made with an intention (actual or apparent)that it shall become binding on the offerer as soon as it is accepted by the person to whom it is addressed”..and an acceptance is a final and unqualified acceptance of the terms of an offer.3. D) Finally the matter pertains to the legal competence of each party meaning the parties are not minors and are of sound mind.

This is the doctrine of Capacity which entails that a major is competent to contract if he suffers from no other disqualification. A minor is incompetent to contract, i.e. he must be over 18 to contract. Ordinarily an agreement done with minor is void. However, an agreement regarding