Lecture 4 BFA601 Semester 1 2018.pptx

Law already obliges them to do then that person does

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law already obliges them to do, then that person does not provide good consideration for the promise. Collins v Godefroy (1831) Extra work over and above duties owed may be good consideration Glasbrook Bros Ltd v Glamorgan County Council [1925] CONSIDERATION Existing legal duty (3.61) CONSIDERATION Existing legal duty (3.61)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis Performance of an existing contractual duty will not, of itself, provide good consideration for a promise. Stilk v Myrick (1809) Hartley v Ponsonby (1857) Williams v Roffey Brothers & Nicholls (Contractors) Ltd [1991] CONSIDERATION Existing duty under contract (3.63) CONSIDERATION Existing duty under contract (3.63)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis What happens if a lesser amount is paid for a debt. Can the creditor later sue for the remaining amount? Rule in Pinnel’s case (3.33) The payment of a lesser sum cannot be satisfaction for the whole debt Foakes v Beer (1884) CONSIDERATION Consideration and discharge of obligation (3.65) CONSIDERATION Consideration and discharge of obligation (3.65)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis Prepayment, or payment by a different method; If there would be a fraud on a third party; Composition with creditors, or settlement of a bona fide legal claim; and Promissory estoppel. CONSIDERATION Exceptions to the rule (3.67-68) CONSIDERATION Exceptions to the rule (3.67-68)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis Where payment is early, and to the detriment of the payer, this is sufficient as value to hold that a lesser sum is good final consideration. CONSIDERATION Prepayment (3.68) CONSIDERATION Prepayment (3.68)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis If payment of a lesser amount is a fraud on a third party, the rule of Pinnel’s case will not hold Hirachand Punamchand v Temple [1911] CONSIDERATION Fraud on a third party (3.69) CONSIDERATION Fraud on a third party (3.69)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis If a debtor enters into an agreement with creditors under a Bankruptcy arrangement will be binding, even if a lesser sum is paid CONSIDERATION Composition with creditors and settlement of claim (3.70) CONSIDERATION Composition with creditors and settlement of claim (3.70)
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© 014 Reed International Books Australia Pty Limited trading as LexisNexis Estoppel is an equitable rule that prevents an unjust departure by a person from an assumption of fact which they have caused the other party to adopt for the purpose of their legal relations. The party creating the deception, or allowing the deception to be created, is prevented (or estopped) from reverting to and relying upon the true state of the facts.
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