Tritel Note - y 年 3 月 14 日 Tuesday Tritel Reading...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
y 3 14 Tuesday Tritel  Reading Notes Topic 2 Consideration and Estoppel A - Doctrine of consideration   1. Consideration defined - A promisee should not be able to enforce a promise unless he has given or promised  to give something  in exchange for the promise or unless the promisor has obtained  something in return  Classic definition: A valuable consideration may consist either some right, interest,  profit or benefit  accruing  (to come as a direct result of certain action)  to one party, or some forbearance, detriment, loss or responsibility  given, suffered or undertaken by  the other.  [Currie v Misa] 2. Past consideration is not good consideration - The consideration is past consideration if the wording of the agreement is not decisive  (firmly determined)  [Re McArdle]  - The promise was made "in consideration of  you  carrying out" certain work was held to be gratuitous  as the work had already been  done.  - A past consideration is good consideration if three conditions are satisfied  [Lampleigh  v Brathwaite] : The act is done at the request of the promisor It must be understood that a payment will be made for the consideration executed The payment must be legally enforceable - The consideration for a promise can also be an earlier promise  made by B  (promisee) on A (promisor)'s request - [Pao On v Lau Yiu Tong] The claimants had promised the defendants that for one year  they would not  sell certain Qty of shares  of a company in which the defendant was the  principal shareholder. The promise has been made at the request of the  defendant, who was anxious to prevent the value of their own holdings from  falling as a result of the sale of shares by the claimants. The defendant then  guaranteed the claimant to indemnify  (make compensation for loss or  1
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
y 3 14 Tuesday damages)  any loss which they might suffer from fall in share price over the  year.  1 It is considered that even though the promise for not selling the shares is  made before the guarantee, it's not past consideration 2 The promise was made at the request of the defendant is it is understood  that the claimants were to receive some form of protection against the risk  of a fall in value of the shares. 3. Consideration must move from the promisee  - A person to whom the promise was made can only enforce the promise if himself  provided the consideration for it  [Tweedle v Atkinson] - The promisee need not provide the whole consideration for the promise (partly  provided by his agent for partner)  - Consideration doesn't need to move to the promisor  - e.g, the issuer (promisor) of
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern