Lecture 5 Flashcards
(7 cards)
What does consideration mean?
- when your exchanging something with someone
- like you do something in return for money or baking a cake, giving a shoe.
What does executory consideration?
What is executed consideration?
Exceturory = make purchase payment later
Executed = pay immediately.
What is case on consideration?
Chapel vs nestle
- nestle offered to sell their record and Chappell said they are copyrights. And wanted a a cut of the money. Nestle won and sold their records and + 3 wrappers of their chocolates.
When is performance of public duty? And what is the case?
- you can not use public duty as consideration
- Collins vs Gödfroy
- godfroy said he would pay Collins 1 every time he went to court but he didn’t pay him because he did not go to witness stand however godfroy said he went court everyday however he lost because it was his duty as he was summoned to go court
When is consideration not accepted
- when the consideration is already done before the contract has started.
What was the pinnels case?
Difference bad consideration and good consideration based on pinnels case
- part payment on the day
Pinnel took Cole to court because he did not pay him his debt. However Cole said he did a part payment but it was late. The court decided that it was not acceptable and if he had paid half earlier then it would have been acceptable. - good consideration
- for e.g you have 1,000 debt and it due on 14th of Feb on 1st of Feb you pay 700 + something else it good consideration.
However it is bad considation when you pay 700 on 14th Feb that is bad consideration
What is promissory estoppel?
What is composition agreement?
Promissory estoppel=
Promised to pay something verbally however the court stays a promissory estroprel the payments has to be made.
Composition agreement = if debtor owes money you workout how much they earn and you take small amount of money until it cleared if they are insolvent
