Contract - Consideration - Free Law Essays.

Consideration Essay The rule in Foakes v Beer (i) states that an agreement to vary a contract by accepting less is not binding unless the promisor agrees to accept less and receives something extra of value in the eyes of the law. The rule has stood the test of time for over one hundred years.

Contract Law Essay - Every commercial enterprise in the US has to deal with contracts. A contract is legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things. The term party can mean an individual person, a company, or corporation.

Contract Law: New Essays (Cambridge University Press, Cambridge, 2001). 4 English Law Revision Committee, The Statute of Frauds and the Doctrine of Consideration (Cmd5449, 1937) at (24), published in (1937) 15 Can Bar Rev 585.

In contract law consideration is concerned with the bargain of the contract. A contract is based on an exchange of promises. Each party to a contract must be both a promisor and a promisee.They must each receive a benefit and each suffer a detriment.This benefit or detriment is referred to as consideration.

Consideration is described by as Llewllyn as “a vast, sprawling field, with parts of its roots hopelessly intertangled with other roots from other phases of our law.’ 6 This essay examines whether this complex doctrine is archaic and outgrown; a technicality that exists merely as an artefact of the historical development of contract.

The doctrine of consideration is infrequently put in argument in employment law, but its influence can be detected in a line of cases which are consistent with the classical doctrine. Accordingly, at the formation stage, no contract was created where a casual worker on a farm received, by way of 'payment'.

Consideration is popularly one of the substantial parts of a binding contract. So, when offer, acceptance, intention to create legal relations and considerations are existed, an agreement comes contractually binding. It is concerned in contract law with bargain of the contract. Consideration is exchanging the promises between parties.

Essay Paper on the Doctrine of Consideration What Is the Significance of the Doctrine of Consideration in the Law of Contracts Generally, a contract is considered to be an exchange of promises or an agreement between parties which legally binds these parties and that can be enforced by the law.

Law essays. Our law essay examples and dissertation examples cover a wide range of topics in this field of study, including obligations (contract and tort), public law (constitutional law, administrative law and human rights law), criminal law, property law, equity and the law of trusts, and law of the European Union.

Common law, Consideration, Contract Law Essay. Contract Law. Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more.