01. Consideration.

Question 1

Consideration.

Answer 1

‘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.

Question 2

‘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.

Answer 2

Consideration.

Question 3

Currie v Misa (1875)

Answer 3

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.

Question 4

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.

Answer 4

Currie v Misa (1875)

Question 5

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

Answer 5

valuable consideration

Question 6

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

Answer 6

right

Question 7

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

Answer 7

interest

Question 8

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

Answer 8

benefit

Question 9

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

Answer 9

profit

Question 10

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

Answer 10

accruing to one party

Question 11

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

Answer 11

forbearance

Question 12

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

Answer 12

detriment

Question 13

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

Answer 13

loss

Question 14

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

Answer 14

responsibility

Question 15

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

Answer 15

given, suffered or undertaken

Question 16

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

Answer 16

right, interest benefit or profit

Question 17

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

Answer 17

forbearance, detriment, loss or responsibility

Question 18

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

Answer 18

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

Question 19

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

Answer 19

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

Question 20

Dunlop v Selfridge (1915)

Answer 20

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.

Question 21

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.

Answer 21

Dunlop v Selfridge (1915)

Question 22

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

Answer 22

An act or forbearance of one party.

Question 23

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

Answer 23

or the promise thereof

Question 24

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

Answer 24

price

Question 25

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

Answer 25

promise of the other is bought

Question 26

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

Answer 26

promise thus given for value is enforceable

Question 27

A performed act constitutes ... consideration.

Answer 27

executed

Question 28

A promise to perform an act constitutes ... consideration.

Answer 28

executory

Question 29

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

Answer 29

Past consideration.

Question 30

Past consideration.

Answer 30

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

Question 31

Past consideration is ...

Answer 31

no consideration.

Question 32

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

Answer 32

can

Question 33

Consideration must have ... value.

Answer 33

a Consideration need only be sufficient, not adequate.

Question 34

Consideration need only be ..., not sufficient.

Answer 34

adequate

Question 35

Consideration need only be adequate, not ...

Answer 35

sufficient

Question 36

Consideration need only be ...

Answer 36

adequate

Question 37

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

Answer 37

will not

Question 38

Performance of an existing duty does not constitute valid ...

Answer 38

consideration

Question 39

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

Answer 39

over and above

Question 40

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

Answer 40

already obliged to do

Question 41

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

Answer 41

support a contract with their attendance.

Question 42

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

Answer 42

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

Question 43

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

Answer 43

can

Question 44

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

Answer 44

consideration

Question 45

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

Answer 45

alternative consideration

Question 46

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

Question 47

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

Answer 47

advance payment

Question 48

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

Answer 48

bargain between creditors

Question 49

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

Answer 49

payment by another (including a lesser sum)

Question 50

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.

Answer 50

on the day

Question 51

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.

Answer 51

horse, hawk, or robe,

Question 52

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

Answer 52

do

Question 53

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

Answer 53

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

Question 54

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

Answer 54

can Consideration need only be sufficient, not adequate.

Question 55

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

Answer 55

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

Question 56

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.

Answer 56

can not Past consideration is no consideration.

Question 57

A contract requiring only one way consideration.

Answer 57

Specialty contract.

Question 58

Specialty contract.

Answer 58

A contract requiring only one way consideration.

Question 59

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.

Answer 59

can

Question 60

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 ...

Answer 60

Promissory estoppel.

Question 61

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.

Answer 61

Promissory estoppel.

Question 62

Promissory estoppel.

Answer 62

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.

Question 63

Promissory estoppel.

Answer 63

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.

Question 64

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.

Answer 64

is not