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Hi Mike, the examiner defined consideration as “some benefit to the promiser or detriment to the promisee”.
But i was understood consideration as for example: if i (the promisor)offer to sell my car to sam( the promisee) for $1000 and he accepts, i will gain $1000 (which is a benefit) and loss a car( a detriment) and likewise, sam will loss $1000 ( a detriment to him) and gain a car ( a benefit to him).so my question is, is the examiner implying that a promisor always benefit and the promisee losses? I thought it was a win something loss something situation for both parties, even if it is a unilateral contract.
thank youConsideration is two-way. In a contract, I’m prepared to give something of value to you who, in turn, is prepared to give me something of value in exchange.
I give up something of value but receive something of value – and so do you
I believe you’re correct – except for the unilateral bit you put in.
If I’m subpoenad to attend in Court as a witness, I get nothing of value back in exchange for me giving my time.
Equally, a deed of gift ( another type of unilateral contract ) does not involve the beneficiary giving anything of value in exchange for the promise of the gifted property
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