What Is Consideration Explain the Rules regarding Consideration

In English law, the consideration must be present or future, and there is no consideration in the past. The employer promises that if the servants do extra work in exchange for a bonus for them, it is a promise for past service, which is good under Indian law. In India, consideration is a good consideration in the past. In this article, we will simplify the above meaning of consideration in contract law and examine some of the essential elements of consideration. Records are an exception to consideration because records do not need to be supported by consideration. For the consideration to be valid, a promise must be made by both parties, while actions without consideration may be valid. Deeds are written contracts that stipulate that it is an act and must be signed, sealed and delivered by both parties. They are legally binding without regard, but have special requirements that help them not to be abused. Documents may require one witness or more than one signatory.

A simple contract has a legal limitation period of six years, which means that an applicant must assert a breach of contract within six years of the date of the contract. The limitation period for an act is 12 years. Pierre employs Jean to work in his field during the months of the agricultural harvest. He promises to pay John a sum of Rs 5,000 for his services when he sows the new crop in the fields. John`s services in the past are a valid consideration. If the consideration for a present promise was given before the date of the promise, it is said to be past considerations. A previous review, if done at the request of the promise, will support a subsequent commitment. A past consideration is just as good as a present or future consideration. Since consideration is the price of a promise, it is usually given to induce the promise. However, it can be given before the promise is made by the celebrity. This is a consideration in the past. It is important to note that the above considerations are not taken into account for a new promise because it was not given instead of the promise.

Under Indian law, “past considerations” are a “good consideration” if they were made at the request of the promisor. It can be seen that the decision in Williams v. Roffey challenges the traditional rules of consideration; However, it can be argued that the challenges have not yet been seen by the House of Lords, which makes them clearly insignificant. The rules of consideration are contradictory, as is clearly shown by the fact that two similar cases can be decided in different ways, such as.B. Foakes v. Beer and Williams v. Roffey. Traditionally, the House of Lords would argue that the principles of Foakes v. Beer should be followed, but some argue that they would in fact act in favor of Williams v. Roffey. Moreover, these challenges that Williams v.

Roffey presented are the traditional rules of consideration, which could actually be the beginning of the end of the exam. In New Zealand, Williams v. Roffey urged the Court of Appeal to “abolish consideration and introduce a test based on trust.” This was caused by Anton`s Trawling Co Ltd v. Smith. created new principles other than those in Williams v. Roffey and ignored those in Stilk v. Myrick. Therefore, it is clear that the challenges that Williams v. Roffey present at the traditional rules of consideration seem extremely important to change the way the rule of consideration works, but did not go so far as to put an end to the traditional rules, if the case is examined in detail, it can be seen that the influence, which she had in England and Wales, was not exceptionally significant. and have affected only a few cases. None of them made decisions as radical as Anton`s Trawling Co Ltd v.

Smith. In accordance with legal consideration, if the donor has no objections, the consideration may be transferred to a third party. For example, A can grant a rented house to B and ask B to pay for it to X. If B refuses to pay it to X, the case could go to court and force B to pay X because there is enough consideration from A to make the payment to X. The consideration must have a certain value before the law. Value also refers to the fact that the law determines whether or not the consent given by the party is given with its own will. An example of a consideration that is of value in the eyes of the law is that a woman agrees to withdraw the lawsuit she brought against her husband if the husband is willing to pay her monthly alimony. Peter`s wife agrees to withdraw the lawsuit she filed against him in exchange for her promise to pay him monthly alimony. That is a good consideration and it has value in the eyes of the law. Current Consideration – If one of the Parties has fulfilled its share of the promise that constitutes the consideration to be provided by the other Party, this is referred to as the Current Counterparty.

Let`s say A has lost his watch and offers to pay Rs 300 to the person who finds it. If B finds the watch and gives it to A, then A is obliged to pay Rs 300 to B as part of this consideration. In the case of Williams and Roffey Bros, Roffey Bros commissioned Williams to do carpentry work for £20,000 in a block of 27 apartments they had renovated, but he was unable to complete on time because the price he cited was not enough to complete the work. As a result, Roffey Bro offered to increase salaries by £10,300 if the work was completed on time; However, after Williams completed eight of the apartments, Roffey Bros did not pay the additional fees, prompting Williams to file a lawsuit for the additional payment. It is argued that Roffey Bros did not consider Williams and that the case was decided in his favour. Arguably, the reason the case was decided in this way was due to the fact that Williams continued the work and therefore did not breach its contract. In addition, as he continued, Roffey Bros did not have to look for another subcontract, which saved them time and money, and finally, when the work was done, they did not suffer a penalty for the late completion of the work. .

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