Lampleigh v braithwait re caseys patents see latimer

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: munerated the promise would have been enforceable if it had been promised in advance of the act Or Future (executory) consideration where the parties agree to exchange promises to do something in the future: see Latimer at ¶5-420 Cases: • Lampleigh v Braithwait • Re Casey’s Patents See Latimer at ¶5-410 39 Rules for Consideration 40 Rules for Consideration 3. Consideration must have value but need not be adequate 4. Consideration must be sufficient Consideration must have value but need not be adequate as this is something only the parties to the contract can decide • This means that it must have some legal value Case: Chappell & Co Ltd v Nestle Co Ltd • As long as consideration exists, the courts will not be concerned about its adequacy • If not, it may be considered insufficient and no consideration at all See Latimer at ¶5-440 41 42 Rules for Consideration Rules for Consideration 5. Consideration must be possible of performance 9. Practical benefit can be good consideration 6. Consideration must be definite • Cases: 7. Consideration must be legal Musumeci v Winadell Pty Ltd Williams v Roffey Bros & Nicholls (Contractors) Ltd See Latimer at ¶5-470 8. Consideration must be referable to the other party’s promise 43 43 Insufficient Consideration Insufficient Consideration 1. Moral obligations as well as natural love and affection will NOT convert a promise into good consideration • • 44 2. Part payment is insufficient consideration • Part payment is NOT good consideration • Exception: if creditor agrees to accept smaller amount (or something different), a debt is considered discharged. Case: Eastwood v Kenyon See Latimer at ¶5-471 • Cases: Pinnel’s case; Foakes v Beer • See Latimer at ¶5-480 45 Consideration and Promissory Estoppel: the exception to the rule 46 Promissory estoppel • Promisso...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online