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Contract law is a western ideabasically born out of the mutual mistrust of business people It is for the reason that the doctrine of consideration was developed Whatever happened to the idea of relying on a person s work and intention as the basis of a binding agreement Discuss

...... Because not all contracts can be enforced by a legal system, rules must exist to govern contracts and the parties going into them. The rules will help to identify which contracts are enforceable by law and which ones are not enforceable by law. Consideration is the main part of what distinguishes gifts (gratuitous legal acts) from contracts. Consideration has four rules governing it: 1) consideration must be sufficient, though it doesnt need to be adequate (adequate meaning having any economic value, though this has not been completely defined as of yet, which part of the issue with consideration); 2) consideration cannot be from the past; and, 3) consideration must move from the promisee
The term consideration simply means what a person must pay for the other individuals obligation. It is completely based on the idea of reciprocity. The case of Curie v. Misa establishes the definition of consideration that is still used today. Valuable considerationissome right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other (Yamouni & Khoury 2006)......