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Consideration Notes

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This is an extract of our Consideration document, which we sell as part of our Contract Notes collection written by the top tier of Griffith University students.

The following is a more accessble plain text extract of the PDF sample above, taken from our Contract Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

CONSIDERATION

*

Act,

or

promise

of

an

act

which

is

done

in

return

for

a

promise


SS? Dunlop

Pneumatic

Tyre

v

Selfridge

and

Co


o Valuable

consideration

must

consist

of

some

right,

interest,

profit


or

benefit

for

one

party,

or

a

forbearance

of

the

other


SS? Currie

v

Misa


o must

be

paid

for

to

be

enforceable


SS? Parastatidis

v

Kotaridis


A

agreed

to

sell

land

to

B

for

$200,

000


CONSIDERATION:


A

promises

the

LAND


B

promises

the

MONEY

TWO

PROMISES

* Consideration

to

move

from

a

promise


o a

person

who

wants

to

enforce

a

promise

must

have

paid

for

it


SS? Dunlop

Pneumatic

Tyre

Co

v

Selfridge

and

Co

* Consideration

does

not

have

to

move

to

the

promisor


SS? Bolton

v

Madden

* Where

there

are

joint

promises

it

is

sufficient

for

one

promise

to

be


fulfilled


o need

only

flow

from

one

joint

promise


B

and

C

have

an

agreement

with

A.

A

can

quarry

B's

land

in

return


for

A

paying

royalties

to

B

and

C


SS? Coulls

v

Bagot's

Executor

&

Trustee

Ltd

* DOCTRINE

OF

PRIVY


o If

you

are

not

part

of

the

contract,

you

cannot

enforce

it

* Must

be

bargained

for


o in

reliance/return

for

the

promise

and

not

for

some

other

reason


SS? Australia

Woollen

Mills

Pty

Ltd

v

Commonwealth

* Take

the

form

of

a

benefit

or

detriment


o Bolton

v

Madden


o Carlill

v

Carbolic

Smoke

Ball


o Hamer

v

Sidway


A

FORBEARANCE

TO

SUE

OR

REFRAIN

FROM

EXERCISING

SOME

LEAL

RIGHT


MAY

CONSTITUTE

CONSIDERATION

EVEN

IF

THE

PLAINTIFF

WOULD

HAVE


FAILED

IN

THE

ORIGINAL

CLAIM,

PROVIDED

THAT:

* the

claim

was

reasonable

* not

vexatious

or

frivolous

* plaintiff

believed

the

claim

would

succeed

PAGE

57

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