One example of a change is the fact that in regards to consideration, the requirement for a benefit has moved from the requirement to show a legal benefit to simply a practical benefit.
Another aspect to the controversy of consideration is the fact that it originated in the 12th century. This shows that consideration was needed in those days because there wasn't the legal system in place that we have today. People had their "things" or their "services" that could be offered as fair terms in a promise. The consideration aspect was about giving something additional to a person's word in a contract arrangement. Those were simpler times and people didn't have as much as they have today. Without "consideration" -- anything at all to give -- one could not take part in a legal contract because it seems to have worked almost like collateral. Today we don't need someone to have collateral to get into a contract.
The problem with consideration from a more modern point-of-view, as well as a somewhat philosophical one, is that determining the value of something is highly subjective -- unless it is money or gold or something like that (but even then it is bound to be subjective because some people do not value those things; in fact, some people see money and gold and other material items as burdens). So, then there begs the questions: What is valuable and what is not? And we have to think about this universally or else it doesn't make any difference. If we want to use a simple example, we can consider that a daughter offers to do the laundry for her mother for a price of $2. The daughter gets $2 to spend on whatever she wants and the mother gets a little bit of help with the chores. We can clearly see what is valuable on both sides. So what would not be valuable? The mother obviously loves the daughter and vice versa, yet the love between these two individuals is not enforceable in a contract, but money and service is enforceable -- not that the two would ever go to court over it.
The eyes of the law must see the value; this is the bottom line. It doesn't matter how it appears to the people who are engaging in the contract. All that matters is how the law sees it -- of value or not. But, what happens when the parties believe that consideration on both sides is sufficient and the law does not? This is where the consideration law gets very tricky and where it has been criticized. The law is very clear when it comes to not considering as consideration something that has already been promised or is owed to another party and has been imposed by law of contract. This would not make a valid consideration in the eyes of the law. Yet, one can promise as consideration to do something or give something to a third party. This is seen as valid because a person is still getting something that is worthy or of value even though he is not the person who is ultimately receiving the thing promised. All of these rules add up to the confusion and the reason why so many people get tired of trying to understand consideration in common law.
In the case of White v. Bluett, the court found that a son's promise to stop complaining to his father about his father's distribution of his inheritance was not good consideration when compared with his father's promise not to sue the son over a debt his son owed him. The judge basically stated that the son wasn't giving any good or sufficient consideration because the son really did not have a legal right to complain to his father. So that means that in his promise to not complain to his father, the son did not give up anything of value in exchange for his father's rather valuable consideration (not to sue his son).
Albeit, there is a practical benefit that comes from the son's consideration, but still, there is nothing that says the son cannot complain to his father or that he doesn't have a right to complain to this father (after all, this is sort of what children do - no matter what age they are). The father may have viewed the consideration as being totally valuable.
In Ward v. Byham, a father of an illegitimate child promised to pay the mother of the child a pound each week under the promise that she would take care of the child and make sure it was healthy and happy. The father...
contract is a legally enforceable promise that allows commerce to flow smoothly throughout society. Without contracts, businesses and consumers would be embroiled in constant disputes with potential for fraud and frequent misunderstandings but the fact that contracts are available does not eliminate disputes and resulting litigation. The courts are full of cases involving transactions between parties that have been formalized by the existence of a contract but the existence
Negligence Misstatements in the Law of Torts This is a concept of contract law indicative of carelessly made facts by one party to another with the effect of luring that party into a contract. It could also be falsehood or false promises made by a trader while having no reasonable basis to believe it to be true, regarding the nature of products intended for sale are a classic example of negligence
Company Law once a public company is incorporated all duties of the promoter and potential liabilities end, including any regarding a pre-registration contract as per s 131 Corporations Act 2001. Discuss the truth of this statement It is essential to define the term in discussion and its relation to the subject at hand. Who is this promoter? The promoter is not fixed into a definition within the Corporations Act nor within the
In this particular case all three apply, because the Lloyds would take advantage of the age of the elder Bundy to exert pressure on him to sign the note. Description of How the Law Applied to the Facts The court applied four factors of the law to this case these include: that terms of the agreement were unfair, there were undue amount of pressure exerted, Bundy's bargaining power was severely limited
Business Law This document contains legal advice made on request of Zmags, an Australian Holiday Brochure. Paper covers the customer law, contract law and other legal issues as found in the brochure for Coasts and Bays. The brochure claims to make the holidays 100% rejoicing for the clients and to offer them a lifetime experience. The brochure offers guidelines about the travel routes as well as the resorts. There are legal
Regulatory P ROVISIONS (FAR) AND CONTRACT PERFORMANCE REGULATORY PROVISIONS (FAR) AND CONTRACT PERFORMANCE A contract involves a deal that is signed between two or more parties and which is bound to certain terms and conditions that must be met by the parties involved. W3hen talking of contract performance, one seeks to examine whether in the real sense, the parties which were involved in the contract acted in under the guidance of the contract terms.
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now