Consideration

Please forgive me - it's more than two and a half days since you posted this question - I have no excuse for not having read it To 'suffer loss or detriment' classed as 'consideration'? If you willingly accept a loss on a transaction, that's an example of foregoing the possibility of staying in the same position as you were before the transaction. Where, in a situation, I am entitled to receive from a third party an amount of money from a specific fund with the remainder of the fund to be passed to you, and I say 'Dont pay anything to me. Pay all my share to Salardehbashi' can you see that I have suffered a loss? That's an illustration of me foregoing a benefit that was due to me and surely is sufficient to rank as 'consideration' Similarly, to suffer a 'detriment' - foregoing something of value due to me - is sufficient to rank as consideration. For example, where I have employed a gardener to mow my lawn and trim the hedges round the garden, and at lunch time on the final day of the contract, the gardener tells me that he has just received a phone call from the local hospital to say that the gardener's wife has been taken in as an in-patient in a serious condition. What do I do? Say 'Oh, that's tough! When you have finished trimming the hedges this evening you maybe should go to the hospital to see her' Or do I say 'Never mind the hedges! Get off to hospital straight away' Am I not suffering a 'detriment' in that I am releasing the gardener from his contractual obligations? Carlill? Loss or detriment? Yes, why not? Her physical suffering was detrimental to her personal comfort OK?

We are just grateful to have you with us.

That’s no problem at all! I just need to remember to read the Ask ACCA Tutor forum every day OK?