Business Law Is A Common Study For People Today

962 Words Jun 29th, 2016 4 Pages
1. Introduction In the era of globalization, business law is a common study for people today as commerce has become our trend in the worldwide. In this report, we will mainly focus on the main component of the law of contract which is consideration. Besides, we also will briefly explain the principles of offer and acceptance of offer in our case study. In this report, the principles of consideration consist of four elements which are consideration must be sufficient and need not be adequate, consideration need not move from the promisee, part payment of debt as satisfaction of a full debt, and past consideration is valid consideration. Moreover, we also have made a depth-research on principles of consideration with a several law cases which can be regarded to each principle. Furthermore, we also will highlights and details the principles in the law cases with a few factual statements which have been proven in famous law books in our country. This research definitely will help us to know more details about business law in our country.
2. Body
2.1 Consideration must be sufficient and need not be adequate In dictionary, sufficient and adequate have the similar meaning to the word “enough”. In business law, adequate refers to comparative value of the promisor’s promise and the act or promise given by the promisee while sufficient can be deemed as the accepted range within the promises. (Cheshire & Fitfoot & Furmston, P.80) The reason why consideration must be sufficient and…

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