04-23-2007, 03:59 AM
Consideration-English Law does not enforce gratiutious promises unless they are made by deed...Sir Fredric's Pollock Definiation is "Consideration is a price for which the promise of other is bought"...Consideration means that something must be given in exchange of something(Quid Pro Quo)...It can be defined as some denefit to yhe promissor and detriment to the promisee............under law Consideration need to be sufficiant but need not to be addequate...see illustration below.
If I have a ZMC(Zero Meter Car)....which is currently worth $20,000 and i sold this to my friend for only $100.....this consideration is sufficient to validiate the contract but not addequate.....Sufficiancy means that Consideration must have some real value as $100 is having some real value non-illusoury,non-imaginory........adequacy os the consideration means that equal worth so consideration is not need to be of equal worth unless they are made without any duress,fraud and misrepresentation...
If I have a ZMC(Zero Meter Car)....which is currently worth $20,000 and i sold this to my friend for only $100.....this consideration is sufficient to validiate the contract but not addequate.....Sufficiancy means that Consideration must have some real value as $100 is having some real value non-illusoury,non-imaginory........adequacy os the consideration means that equal worth so consideration is not need to be of equal worth unless they are made without any duress,fraud and misrepresentation...
