Elements of contract
1. Consensus
2. Consideration
3. Intention
This is the first of two notes on consideration
30 Jan 2023 elements of contract - consideration 1
, English Law regards a contract as a bargain.
Each party gives (or promises) something of value
in return for what the other does (or promises).
e.g. in a contract for the sale of goods, money in return for goods.
What’s given is referred to as CONSIDERATION.
So a document may say,
“In consideration of £20,000 paid by A to B,
B transfers to A the lock-up garage situated at…”
30 Jan 2023 elements of contract - consideration 1
1. Consensus
2. Consideration
3. Intention
This is the first of two notes on consideration
30 Jan 2023 elements of contract - consideration 1
, English Law regards a contract as a bargain.
Each party gives (or promises) something of value
in return for what the other does (or promises).
e.g. in a contract for the sale of goods, money in return for goods.
What’s given is referred to as CONSIDERATION.
So a document may say,
“In consideration of £20,000 paid by A to B,
B transfers to A the lock-up garage situated at…”
30 Jan 2023 elements of contract - consideration 1
