Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ICAEW Law 01: Contract formation. > 01. Consideration. > Flashcards

01. Consideration. Flashcards

1
Q

Consideration.

A

‘Something of value’ that each party to a contract gives or agrees to give to the other, usually payment or a promise to do something in return.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

‘Something of value’ that each party to a contract gives or agrees to give to the other, usually payment or a promise to do something in return.

A

Consideration.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Currie v Misa (1875)

A

A valuable consideration in the sense of the law may consist either in some

Right, Interest, Profit or Benefit accruing to one party, or some

Forebearance, Detriment, Loss or Responsibility

given, suffered or undertaken by the other.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A valuable consideration in the sense of the law may consist either in some

Right, Interest, Profit or Benefit accruing to one party, or some

Forebearance, Detriment, Loss or Responsibility

given, suffered or undertaken by the other.

A

Currie v Misa (1875)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Currie v Misa (1875): VC* = R, I B or P (AtOP) or F, D, L or R (G S or U).

A

valuable consideration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Currie v Misa (1875): VC = R*, I B or P (AtOP) or F, D, L or R (G S or U).

A

right

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Currie v Misa (1875): VC = R, I*, B or P (AtOP) or F, D, L or R (G S or U).

A

interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Currie v Misa (1875): VC = R, I, B* or P (AtOP) or F, D, L or R (G S or U).

A

benefit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Currie v Misa (1875): VC = R, I, B or P* (AtOP) or F, D, L or R (G S or U).

A

profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Currie v Misa (1875): VC = R, I, B or P (AtOP*) or F, D, L or R (G S or U).

A

accruing to one party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or F*, D, L or R (G S or U).

A

forbearance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or F, D*, L or R (G S or U).

A

detriment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or F, D, L* or R (G S or U).

A

loss

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or F, D, L or R* (G S or U).

A

responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or F, D, L or R (G S or U).*

A

given, suffered or undertaken

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Currie v Misa (1875): VC = [R, I B or P]** (AtOP) or F, D, L or R (G S or U).

A

right, interest benefit or profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or [F, D, L or R]* (G S or U).

A

forbearance, detriment, loss or responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Currie v Misa (1875): VC = … or F, D, L or R (G S or U).

A

some right, interest, benefit or profit accruing to one party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Currie v Misa (1875): VC = R, I B or P (AtOP) or …

A

some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Dunlop v Selfridge (1915)

A

An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable.

A

Dunlop v Selfridge (1915)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Dunlop v Selfridge (1915): [A or F]** (OTPT) is the P for which the POTOIB. PTGFVIE.

A

An act or forbearance of one party.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Dunlop v Selfridge (1915): A or F (OTPT)* is the P for which the POTOIB. PTGFVIE.

A

or the promise thereof

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Dunlop v Selfridge (1915): A or F (OTPT) is the P* for which the POTOIB. PTGFVIE.

A

price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Dunlop v Selfridge (1915): A or F (OTPT) is the P for which the POTOIB*. PTGFVIE.

A

promise of the other is bought

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Dunlop v Selfridge (1915): A or F (OTPT) is the P for which the POTOIB. PTGFVIE*.

A

promise thus given for value is enforceable

27
Q

A performed act constitutes … consideration.

A

executed

28
Q

A promise to perform an act constitutes … consideration.

A

executory

29
Q

Something that has already been done, and therefore can not constitute valid consideration.

A

Past consideration.

30
Q

Past consideration.

A

Something that has already been done, and therefore can not constitute valid consideration.

31
Q

Past consideration is …

A

no consideration.

32
Q

A promise for a promise (can / can not) constitute valid consideration.

A

can

33
Q

Consideration must have … value.

A

a

Consideration need only be sufficient, not adequate.

34
Q

Consideration need only be …, not sufficient.

A

adequate

35
Q

Consideration need only be adequate, not …

A

sufficient

36
Q

Consideration need only be …

A

adequate

37
Q

The law (will / will not) normally get involved in determining whether consideration is adequate.

A

will not

38
Q

Performance of an existing duty does not constitute valid …

A

consideration

39
Q

Valid consideration must be something … that which a contracting party is already obliged to do.

A

over and above

40
Q

Valid consideration must be something over and above that which a contracting party is …

A

already obliged to do

41
Q

A person required to attend court due to a subpoena can not …

A

support a contract with their attendance.

42
Q

A ship’s crew required to to an immaterial amount of extra work due to desertions can not …

A

use the extra work as consideration to support a contract for extra payment.

43
Q

The forbearance of an existing right (can / can not) constitute consideration.

A

can

44
Q

A promise to waive part of a debt must be supported by additional … by the debtor.

A

consideration

45
Q

Acceptable consideration for waiver of part of a debt: AC* (G or S), AP, BBC, PBA (IOALS)

A

alternative consideration

46
Q

Acceptable consideration for waiver of part of a debt: AC (G or S)*, AP, BBC, PBA (IOALS)

A
47
Q

Acceptable consideration for waiver of part of a debt: AC (G or S), AP*, BBC, PBA (IOALS)

A

advance payment

48
Q

Acceptable consideration for waiver of part of a debt: AC (G or S), AP, BBC*, PBA (IOALS)

A

bargain between creditors

49
Q

Acceptable consideration for waiver of part of a debt: AC (G or S), AP, BBC, PBA (IOALS)*

A

payment by another (including a lesser sum)

50
Q

Pinnel’s Case:

Payment of a lesser sum … in satisfaction of a greater, cannot be any satisfaction for the whole

But the gift of a horse, hawk, or robe, etc. in satisfaction is good.

A

on the day

51
Q

Pinnel’s Case:

Payment of a lesser sum on the day in satisfaction of a greater, cannot be any satisfaction for the whole.

But the gift of a … etc. in satisfaction is good.

A

horse, hawk, or robe,

52
Q

The principles of Pinnel (do / do not) apply after a lapse of time.

A

do

53
Q

The acceptance of a lesser sum from a third party (does / does not) give complete discharge from a debt.

A

does

The creditor was not entitled to payment from that third party under the oringinal contract. It therefore constitutes valid consideration.

54
Q

A sweet wrapping or peppercorn (can / can not) be deemed valid consideration.

A

can

Consideration need only be sufficient, not adequate.

55
Q

A police force (can / can not) demand additional payment for duties over and above those required by law.

A

can

Such duties, for example protecting a coal mine, form additional consideration to support a contract for additional payment.

56
Q

Work done with NO inplicit promise of a reward, for example renovating a house without being asked to do so (can / can not) form consideration.

A

can not

Past consideration is no consideration.

57
Q

A contract requiring only one way consideration.

A

Specialty contract.

58
Q

Specialty contract.

A

A contract requiring only one way consideration.

59
Q

If a promise is implied, for example that “see somebody right” for appealing to the King for a parton, this (can / can not) constitute valid consideration.

A

can

60
Q

The situation in which a promise is made which is intended to create legal relations and which, to the knowledge of the person making the promise, is going to be acted on by the person to whom it is made and which was in fact so acted on may later give rise to the situation of …

A

Promissory estoppel.

61
Q

If a party leads another party to believe that he will not enforce his strict legal rights, even in the absence of a separatee contract with new consideration, then the courts will prevent him from doing so at a later stage.

A

Promissory estoppel.

62
Q

Promissory estoppel.

A

If a party leads another party to believe that he will not enforce his strict legal rights, even in the absence of a separate contract with new consideration, then the courts will prevent him from doing so at a later stage.

63
Q

Promissory estoppel.

A

If a party leads another party to believe that he will not enforce his strict legal rights, even in the absence of a separate contract with new consideration, then the courts will prevent him from doing so at a later stage.

64
Q

Promissory estoppel (is / is not) likely to apply in cases of duress, including that of a builder reluctantly accepting only part of the money due to him.

A

is not

ICAEW Law 01: Contract formation. (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions