Consideration 4

1,082 views

Published on

Published in: Sports, Education
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,082
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
36
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Consideration 4

  1. 1. Consideration
  2. 2. DefinitionsConsideration It consists of either some right, interest, benefit or profit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the another. Consideration means something which is of some value in the eyes of law. Sec.2 (d) defines consideration as “ when at the desire of the promisor, the promisee or any other person has done or abstains from doing , or promises to do or to abstain from doing, something, such act or abstinence or promise is called as consideration for promise. Chapter 15 2
  3. 3. Legal Rules as to consideration It must move at the desire of the promisor It may move from the promisee or any other person It may be an act, abstinence or forbearance or a return promise It may be past, present or future It need not be adequate It must be real and not illusory It must be something which the promisor is not already bound to do It must not be illegal, immoral or opposed to public policy Chapter 15 3
  4. 4. Stranger to Contract There is a relationship subsisting between parties who have entered into contractual obligations I.e. Privity of Contract. Two consequences of doctrine of privity of contract : 1. A person who is not a party to a contract cannot sue upon it even though the contract is for his benefit and he provided consideration. 2. A contract cannot confer rights or impose obligations arising under it on any person other than the parties to it. Chapter 15 4
  5. 5. Exceptions to the rule that a Stranger to a Contract cannot sue A trust or a charge Marriage settlement, partition or other family sttlement Acknowledgement or estoppel Assignment of a contract Contracts entered into through an agent Covenants running with the land Chapter 15 5
  6. 6. Q n A Session THANKS Chapter 15 6
  7. 7. Chapter 15 7

×