CONTRACT LECTURES TRANSCRIPTS Total time = 46 mins 01 secs
C. STRICKLAND
LECTURE 4
Track/Slide 2
01.40 mins
It must be remembered, that an agreement lacking in consideration may still be enforceable if
made by deed.
WHAT IS CONSIDERATION?
There appears to be 2 approaches to answering this question –
a traditional view and a more modern view – which we can look at in turn.
i.
THE TRADITIONAL VIEW
The traditional view is that consideration involves
EITHER
one party acquiring a BENEFIT under the agreement
OR
one party suffering a DETRIMENT under the agreement as outlined by Lush J in
CURRIE v MISA 1875 – who stated:
‘A valuable consideration, in the sense of law, may consist either in some right, interest, profit
or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility,
given, suffered, or undertaken by the other’..
In addition, under this view, consideration HAS TO MOVE FROM THE PROMISEE – that
is, the person on the receiving end of a promise - see THOMAS v THOMAS 1842