LAWS105 Lecture Notes - Lecture 2: Estoppel, Chappell & Co., Nestlé
Document Summary
Objectives with consideration: understand what consideration is and know how to identify whether consideration has been given in a specified scenario. Consideration defined: consideration = price stipulated by the promisor for a promise, consideration means that there is an exchange between parties to contract. This makes a contract different to a gift. Usually a gift is not enforceable, as there is no consideration ( exceptions may incude a charitable pledge): consideration not required, where the promissory estoppel applies. For a promise made in a deed under seal, or. Price stipulated by a promisor for a promise. Lord somervell: consideration can be anything stipulated by the promisor. The 3 chocolate bar wrappers were not a condition precedent - rather - the wrappers formed part of the consideration. This was clear from the description in the offer - to get the record, send the wrappers plus money. It did not matter whether the wrappers were of no value to nestle.
