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the Part of Consideration in the English Law of Contract Essay

Assignment id 1009710
Discipline Biology
Assignment type Essay
Words 2450
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Based on average law and precedent, the English law of contract was formulated and developed within a number of years along with it's primary purpose to provide a regulated framework where individuals may contract freely. To be able to make sure a contract is enforceable there are certain elements which must be satisfied, one of which would be the philosophy of consideration. Lord Denning famously professed; "the philosophy of thought is too firmly fixed to be quieted by a side end". This is a crucial sign that consideration has long been considered to be the cardinal 'badge of enforceability' from the formulation and variation of contracts from English common law. The most significant definition of concern stems from Currie v Misa where the conclusion of Lord Justice Lush defines consideration as "a right, interest, profit or benefit accruing to the one party, or any forbearance, detriment, loss or responsibility given, suffered or undertaken with another." Consideration is therefore, in essence, the price for which a promise is purchased. Ordinarily, a guarantee cannot be contractually binding unless it's supported by some kind of thought and there are various rules surrounding it is successful operation. These include: consideration should move from the promisee, consideration must not be past and consideration must be sufficient but need not be sufficient. Despite it's durability, consideration isn't without criticism. Lord Goff observed in White v Jones that: 'our law of contract is widely viewed as conducive to the sense that it's regarded as mitigated by the presence of an unneeded doctrine of consideration'. Abolition has been urged. Since the book of the Law Revision Committee's report in 1937, la...

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