Law 5110 Study Guide - Quiz Guide: Contract, Savoia-Marchetti Sm.75, Meeting Of The Minds
Document Summary
Doctrine of consideration is is unique to the common law. A gift is not a contract because lacks a cost i. e. no consideration. But for contracts under deed (in special form) no need for consideration. Some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other". An act of forbearance 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. ". Consideration: (a) an act other than a promise, or (b) a forbearance, or (c) the creation, modification, or destruction of a legal relation. Consideration = action(performance) done in exchange for the promise. In a unilateral contract, there is consideration for the promise if, in exchange for it the claimant has incurred a detriment or has done something which benefits the promisor. Service contract ex = money for fixing bike.
