Contract Law - Consideration and Estoppel

4. Consideration and Estoppel
4.1 Definition of consideration
Lush J’s definition
a valuable consideration, in the sense of the law, may consist either in some
right, interest, profit or benefit accruing to the one party or some
forbearance, detriment, loss or responsibility, given, suffered or undertaken
by the other
Currie v Misa (1874) LR 10 Ex 153
Two sides of a contract
bilateral contract - each party make promise to the other
usually separate considerations on each side of contract
Sufficient and adequate consideration
benefit or detriment must be legally sufficient as opposed to factual
sufficient doesn’t mean consideration needs to be adequate
benefit or detriment doesn’t need to be equal to what is received in
return
Chappell v Nestlé
legally sufficient consideration
value is irrelevant as long as benefit or burden is legally sufficient
White v Bluett (1852)
Bargains and consideration as the price of promise
courts will only enforce bargains
deal or exchange where both parties come away with something they
have requested from the other
Combe v Combe (1951)


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