blaw07a - Elements of Law Part One Part III Contract Law...

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Elements of Law - Part One © 2007 Captus Press Inc. 1 © 2007 Captus Press Inc. Part III Contract Law Unit 7 The Requirement of Consideration © 2007 Captus Press Inc. Module 1 Consideration
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Elements of Law - Part One © 2007 Captus Press Inc. 2 © 2007 Captus Press Inc. CONSIDERATION Consideration is the price paid in return for a promise Adequacy of consideration Generally the court will not examine the adequacy of consideration so long as each party has promised something of value. The court is reluctant to interfere in the bargaining process, and will not remake bad bargains. However, where consideration is grossly inadequate and there is fraud, undue influence or duress, the court may intervene and decide that there is inadequate consideration to validate the contract.
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Elements of Law - Part One © 2007 Captus Press Inc. 3 Past consideration Past consideration is no consideration To be valid, consideration must be received when the contract is made or must be received in the future.
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