Contract Law - Doctrine of Consideration

s a vehicle to put in place some of the recommendations made by the English Law Revision Committee.
             Consideration can best be defined as per Sir Fredrick Pollock:
             "An act or forbearance of one party or the promise thereof, is the price for which the promise of the other is bought and the promise thus given for value is enforceable"
             The basic rules of consideration are that:
             · Consideration must be present in every 'simple' contract
             · Consideration can be 'executory' or 'executed', though it cannot be 'past', as past consideration is no consideration.
             · Consideration must move from the promisee though not necessarily to the promisor
             · Consideration does not have to be adequate, in that the consideration moving from the promisee must have value by which the law will recognise, but does not necessarily have to reflect the value of the promise made to the promisee
             · Consideration must not be so vague that it becomes illusory
             · And that consideration must be sufficient, thereby being recognisable in the eyes of the law.
             The English Law Revision Committee recommended that the opportunity should be taken to "prune away from the doctrine those aspects of it which create hard
             ...

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Contract Law - Doctrine of Consideration. (2000, January 01). In MegaEssays.com. Retrieved 00:49, October 02, 2026, from https://www.megaessays.com/viewpaper/84373.html