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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Definition of Consideration |
A valuable consideration in the sense of the law may consist either in some right, interest or benefit to one party or some forebearance, detriment loss or responsibility given, suffered or undertaken by the other. |
Right Interest or benefit Forebearance detriment loss or responsibility Given suffered or undertaken |
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Maxims |
Past consideration is not good consideration Consideration must be adequate but need not be sufficient Consideration must move from the promisee |
PAM
Past Adequate Move |
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When does Consideration have to be offered |
Consideration must be Contemporaneous - Roscorla Thomas |
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Can a promise after the fact be enforceable |
Yes, if some form of payment was intimated at the time of agreement - Lampleigh v Braithwaite |
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Can performance of existing duties be valid consideration |
No Stilk v Myrick |
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Can performance of existing duties be valid consideration |
Only if the change has struck to the heart of the agreement- Hartley v Ponsonby |
Only a PONSE strikes to the HART of an agreement. |
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What is Pinnel’s Case |
Payment of a lesser sum on the day can be no satisfaction for the whole sum ... unless further consideration is given... a horse, a hawk, a robe |
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Is interest due on outstanding monies? |
Yes - Foakes v Beer |
Foakes are interesting when they have a Beer |
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What is Estoppel |
Find out |
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When is there no estoppel? |
When there is no true agreement - D&C Builders v Rees |
Builder in financial difficulty forced to agree to a lesser sum |
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Consideration must move between...? |
Consideration must move between the parties - Tweedle v Atkinson |
Tweedle was marrying Atkinson’s daughter, not Atkinson. |
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Definition of Promissory Estoppel |
PE is the legal principle that a promise is enforceable by law even even if there has been no formal consideration where the promise has made a promise to a promisee who has then acted one that promise to their detriment - Hughes v Metropolitan Railway Co. |
Probity of Contract - Miss HUghes was painting a Railway Bridge |
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Definition of Promissory Estoppel |
PE is the legal principle that a promise is enforceable by law even even if there has been no formal consideration where the promise has made a promise to a promisee who has then acted one that promise to their detriment - Hughes v Metropolitan Railway Co. |
Probity of Contract - Miss HUghes was painting a Railway Bridge |
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Principle of Justice & Equity |
It comes to this , when a man by his words or actions leads another to believe in a certain state of affairs, he will not be allowed to go back on it when it would be unjust or inequitable to do so. |
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Name the 3 strands to using PE as a shield |
1. An unequivocal promise by words or conduct 2. The promisee has changed their original position due to the promise to their detriment 3. It would be inequitable for the promisee to go back on their promise |
Promise Change in position Unequitable |
