Hiya
Can anyone please explain me logically what is the meaning of consideration in the whole process of contract.
If the agreement is what bind both parties what part plays consideration? It is obvious for me that if both parties have agreed for a specific terms of contract they exactly know what they have to do. They are bounded by the contract so they must do what they have agreed for. Where is a place for consideration?
Re McArdle's case
it is obvious for me that if I want to paint my sister house voluntarily and when the job is done she says to me “I will pay you back cost of paint” I will think “ohhh she will MAYBE give me money back” I would never thought to go to the court with that because it was my choice to do so and I wasn't expect to get something back.
Foakes V Berr Case
Why the defendant has right to get the debt with interests? There was no word about interest in their agreement and he is not a bank to calculate the interest on claimant’s loan automatically.
Accordingly to that case if I would lend money to my friend without specifying time when she have to give me them back I can take a repayments from her and than go to court and claim interest from her?
Nonsense for me....
Can anyone please explain me logically what is the meaning of consideration in the whole process of contract.
If the agreement is what bind both parties what part plays consideration? It is obvious for me that if both parties have agreed for a specific terms of contract they exactly know what they have to do. They are bounded by the contract so they must do what they have agreed for. Where is a place for consideration?
Re McArdle's case
it is obvious for me that if I want to paint my sister house voluntarily and when the job is done she says to me “I will pay you back cost of paint” I will think “ohhh she will MAYBE give me money back” I would never thought to go to the court with that because it was my choice to do so and I wasn't expect to get something back.
Foakes V Berr Case
Why the defendant has right to get the debt with interests? There was no word about interest in their agreement and he is not a bank to calculate the interest on claimant’s loan automatically.
Accordingly to that case if I would lend money to my friend without specifying time when she have to give me them back I can take a repayments from her and than go to court and claim interest from her?
Nonsense for me....
