in law a promise is enforcable once consideration has been provided. Is this describtion to simplistic?

Question

english contract law the doctrine of consideration.
it has been said that a promise is legally enforcable once consideration has been provided. Is this description to simplistic a discription of the principle of consideration.

Answer 1

A CONTRACT is an agreement between two parties that is supported by 'consideration" and has been accepted by the other party (either through a promise or by performance). "Consideration" is a necessary conditition (i.e. for a promise to be an enforceable contract, there must be consideration) but it is not a sufficient condition (there are other things that might not make the promise enforceable -- such as the lack of an acceptance by the other side, or mutual mistake about the terms beceause the parties did not objectively agree).

Like just about everything in law, a one-sentence explanation is too simplistic. But for the "general rule" I would say that you're on the right track.

Answer 2

Both parties to the contract must provide consideration if they wish to sue on the contract. This means that each side must promise to give or do something for the other. (Note: if a contract is made by deed, then consideration is not needed.)

For example, if one party, A (the promisor) promises to mow the lawn of another, B (the promisee), A's promise will only be enforceable by B as a contract if B has provided consideration. The consideration from B might normally take the form of a payment of money but could consist of some other service to which A might agree. Further, the promise of a money payment or service in the future is just as sufficient a consideration as payment itself or the actual rendering of the service. Thus the promisee has to give something in return for the promise of the promisor in order to convert a bare promise made in his favour into a binding contract.

TYPES OF CONSIDERATION

1. EXECUTORY CONSIDERATION

Consideration is called "executory" where there is an exchange of promises to perform acts in the future, eg a bilateral contract for the supply of goods whereby A promises to deliver goods to B at a future date and B promises to pay on delivery. If A does not deliver them, this is a breach of contract and B can sue. If A delivers the goods his consideration then becomes executed.

2. EXECUTED CONSIDERATION

If one party makes a promise in exchange for an act by the other party, when that act is completed, it is executed consideration, eg in a unilateral contract where A offers £50 reward for the return of her lost handbag, if B finds the bag and returns it, B's consideration is executed.

Answer 3

yes it is too simplistic. It leaves out other necessary components of a contract. for example intent. The parties must have the intent to enter into a legal relationship. and Capacity, both parties must have the legal capacity to enter into the contract. i.e., not be under a disability such as minority.

However, consideration is a key peice of the contract puzzle.

Answer 4

It's a little simplistic, but you probably don't need the law school definition of consideration, which can take many forms.

Answer 5

Must the promise be in writing?? I think so, but not sure.There must be some sort of witness. I think that a written contract must exist.. Not sure but something to ponder.!!

Answer 6

it should be 'too' simplistic, not 'to' - didn't understand any of the rest of the question though so you're still cleverer than me!

Answer 7

You are George Bush, right?

Answer 8

no