0
my attempt at trying to answer it is as follows. Consideration does not need to flow in any particular direction if the contract is offered before being accepted. But once it does start to flow the terms and conditions of the contract begin to come into effect and those terms, much like the terms of service of any internet service offer of a contract may or may not include definitions of how long the offer of a contract is open for, with the general equity principal in common law jurisdictions that "nothing good lasts forever" and all unlawful contracts are "unenforceable anyway".
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is past consideration with exception?
past consideration is of no effect to consideration at all. It is where the defendant's promise is subsequent to the plaintiff's act and independent of it. for example, where P saves D from drowning; Das an expression pf gratitude, later promises to pay P a sum of money as a reward. Here P cannot sue D on his promise since P's consideration is past in time, D's promise being subsequent abd independent of A's act. The case of Re McArddle illustrates the concept of past consideration
What are the advantages and disadvantages of past consideration?
The advantages of consideration in a valid contract
What is a consideration of a contract?
Consideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
What is concept of consideration?
It means to think about something. When you take something into consideration, it means you will think about about it, before coming up with an answer. You think about something and then decide what to do in regards to the matter.
What is bad consideration in contract law?
Consideration is what each party gives up. There are two elements of consideration, legal detriment and inducement. Legal detriment in the sense of the law may consist either of some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. The other element of consideration is inducement. This most often takes the form of the "if-then structure." IF you will paint my house, THEN I will pay you $500. There are many ways in which consideration can be "bad". A gift is not normally consideration. It lacks the legal detriment to one of the parties. What would they be giving up in exchange for the gift? Conditional gifts may also be "bad" consideration - If the consideration does not induce the other. I will give you my car if you will stay alive for another 5 years. Staying alive for five years did not require that party to do anything he wouldn't have normally of done. Therefore he has not given up something in exchange for the car. Past consideration is typically not going to count. If it is something you've done in the past, how can it induce this contract? There are many more elements of consideration, these are just enough to scratch the surface. Also, even with bad consideration, there may be means of enforcing the contract.
Why is past consideration not good consideration?
Past consideration is not good consideration because it is not contingent on the responding consideration. For example, suppose I gave you $20 on Tuesday as a gift. And then on Friday, you offered to enter a contract with me to wash my car. If I offered the $20 as consideration, or payment, that I had already given you, it would not be a contract. You would not be getting any benefit from the bargain, and I would not have any assurance that you would perform, because there is no benefit to you.
What is the legal effect of past consideration?
my attempt at trying to answer it is as follows. Consideration does not need to flow in any particular direction if the contract is offered before being accepted. But once it does start to flow the terms and conditions of the contract begin to come into effect and those terms, much like the terms of service of any internet service offer of a contract may or may not include definitions of how long the offer of a contract is open for, with the general equity principal in common law jurisdictions that "nothing good lasts forever" and all unlawful contracts are "unenforceable anyway".
Why a past consideration is not a good consideration?
Do you mean consideration for contract formation? To have a bargain, you have to be willing to give something up. For example, if we had a contract for the purchase of your car for $5000, you would give up your car, and I would give up $5000. That's consideration. If the consideration is in the past (e.g. you already gave up your car), that's not going to create a binding contract.
Consideration may be executory or executed but it must not be pastDicuss and illustrate your answer with various case laws?
Executed and executory consideration is enforced by the common law courts but a past consideration is not. This is because a past consideration arises where the work is done before the obligation or offer to pay is made. See the case of EASTWOOD VRS KENYON.
What is the past tense of effect?
The past tense is "effected".
What if an employer starts to pay a retired employee something for past consideration and stops. does that person have a legal right to sue the employer?
Answering strictly on the fact stated in the question - - Unless there is a contractual offer or agreement to do so, probably not.
What is consideration in business law?
It's called past consideration. Look up Roscorla v Thomas. (1842) 3 QB 234
