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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


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