If A Party Negotiates A Bad Deal?

1283 WordsMay 8, 20176 Pages
Consideration It can be ascertained as the price or value parties agree on for a promise on offer. If it is proved there is no consideration, then it is deemed that no contract exists. Consideration must exist for a contract to be valid. Consideration must be either executed or executory. Executed relates to the carrying out of a promise or payment for that promise in the present time. Executory relates to the carrying out of the promise or making payment for the promise in the future. Consideration must move from the promisee for the law to assume consideration had taken place. It must also be taken that the consideration is deemed sufficient that it is good and has a value. Under consideration the courts do not consider the value. If a…show more content…
If a party is not happy in an agreement and tries to get the contract annulled, the onus is on them to prove the contract has no legal standing. Some enter clauses to the effect that the agreement would not be binding in a court of law, instance where you find this today would be competitions in newspapers, with the inclusion of the clause “ editors decision is final”. Key case relating to the issue of creating legal intentions is Rose & Frank Co v JR Crompton & Bros(1925 where a honour clause was written into an agreement. When a dispute arose the courts stated the defendants Rose had to honour the outstanding orders placed on them by the plaintiffs JR Crompton, as they had been accepted but did not have to continue with the agreement or accept any new orders. Consideration A requirement for all enforceable contract 's with the exception of those made under deed or seal. Consideration is recognised as a value or price agreed between two parties that allows them to enter into a contract. In the case Currie v 's Misa(1875) the courts defined consideration as “some right, interest, profit or benefit accruing to the one party, or some forebearance, detriment, loss or responsibility given, suffered or undertaken by
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