BU231 Chapter Notes - Chapter 7: Metropolitan Railway
Document Summary
Ie lease contract you get a place to live, they get mulla. Consideration is necessary to make a contract legally binding. Gratuitous promise: a promise made without bargaining for or accepting anything in return. Not law enforceable ie charity work, giving a present: the promise that is not enforced. It is the court"s responsibility to make sure that the parties have made a fair bargain. You signed up for the contract and understood all the unfair considerations. If there was some wrongdoing by one party, then they might look into the adequacy of the consideration. When you settle something outside court for something, this is also a consideration. There is a difference between motive and consideration expand on this: past consideration: a gratuitous benefit previously conferred upon a promisor. The motive is to return the kindness of the last gratuitous promise. When a third party is involved, the original party is not liable to both parties.
