September 23, 2011 at 6:03 pm #49899perfecta1Member
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….
September 23, 2011 at 6:16 pm #88346cuteleo110Participant
I have not read above cases.. but want to share some line about consideration..
well consideration is something given in return!
For example you pay price for any book you purchase! the price paid is consideration for book purchased!
like your starting lines.. two parties have bounded themselves in contract.. there will be consideration in it.. it may be any work to do in return of contract, any duty to perform or any payment made etc …
September 23, 2011 at 7:39 pm #88347perfecta1Member
I offer you a mobile phone for 100pounds for sale (it is an offer)
You say OK, I am going to buy the mobile phone from you for 100 pounds (accpetance)
We have an agreement, we have established terms of contract. According to these terms I am obliged to sell this mobile phone to you and you are obliged to pay me 100 pounds.
For me price is one of terms of cotract, not yours consideration to puy the price….
(if you know what I mean)
September 25, 2011 at 8:24 pm #88348sue888Member
1)Re McArdle’s case
There was no consideration from her when the rest of family promised to pay her the expenses for painting her mother- in- law’s house.Because she painted the house first ( anyway) without an agreement of payment from the rest of the family. That’s why she lost the case.
2) Foakes V Berr Case
We have a contract that I will pay you say $ 2000 in 3 months time. Although later on I put pressure on you and force you to agree that you will get your money back in one year. But I didn’t give you any thing for return for your extension of my debts. You can sue me for the interest you lost on the debt. But If let’s say, I offered to clean your garden or file your y/e tax return form for you in return. Then, you can’t sue me for the interest.
September 26, 2011 at 4:16 am #88349cuteleo110Participant
here agreement is YES! 100 pounds is consideration of mobile…
so consideration is 100 pounds..
please now read the definition of consideration from book in steps.. i meas slowly and carefully!
October 16, 2011 at 1:49 pm #88350MikeLittleKeymaster
Consideration – something of value given in exchange for something of value.
But ( as in McArdle ) past consideration is no consideration. You cannot claim as “something of value” something which you have already done.
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