Consideration and intention

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Contracts under seal

Contracts under seal

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Requirements for deeds


1. Signed and Delivered as a Deed / Signed,

Requirements for deeds 1. Signed and Delivered as a Deed / Signed,
Sealed and Delivered as a Deed
2. Deed must be in writing
3. Deed shall make it clear that it is intended to be a deed
4. Deed signatures require witnessing

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CONSIDERATION

An act or forbearance of one party, or the promise thereof,

CONSIDERATION An act or forbearance of one party, or the promise thereof,
is the price for which the promise of the other is bought, and the promise thus given for value is enforceable.

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1. Consideration may be executed or executory but not past.
2. Consideration must

1. Consideration may be executed or executory but not past. 2. Consideration
move from the promisee but not necessarily to the promisor.
3. Consideration must be sufficient though not necessarily adequate.

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Consideration may be executed or executory but not past

Consideration may be executed or executory but not past

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Executory and executed

The whole agreement is one which is to take place

Executory and executed The whole agreement is one which is to take
in the future.

A promises to purchase B ’s car on credit, delivery to take place next week.

One of the parties has done all that they are required to do under the contract, that is, they have ‘executed’ their side of the bargain.
The other party’s consideration which is still unperformed remains executory in that it remains to be completed in the future.

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Past consideration

Past consideration

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EXCEPTIONS TO THE RULE

1. The principle which applies that:
the claimant’s services had

EXCEPTIONS TO THE RULE 1. The principle which applies that: the claimant’s
been rendered at the defendant’s request
it was implicit that both parties must have understood that the claimant’s services would have to be paid for
2. Statutory exceptions
Limitation Act 1980, s 27(5)
Bills of Exchange Act 1882, s 27

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Consideration must move from the promisee though not
necessarily to the promisor

Consideration must move from the promisee though not necessarily to the promisor

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A person can only enforce a promise made to them if they

A person can only enforce a promise made to them if they
can show that they have provided consideration for that promise.

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The operation of the rule

The operation of the rule
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