CONTRACT LAW

Contract Law

[Name of Supervisor]

Contract Law

Introduction

The doctrine of consideration seems insufficient for the modern environment with its general rejection of more for the same. It has its emphasis upon exchange, in which the concern of the participant may be reflected by the rewards that the significance of an individual may not remain constant and may adjust as the marketable situation in which their effort is performed with fluctuation.

“The doctrine of consideration has attracted much criticism on general and on particular grounds. It has been said that the doctrine is an historical accident ... and that it can easily be evaded, e.g. by the device of nominal consideration. ...The doctrine can also cause inconvenience where the law for some reason treats a promise as not being supported by consideration even though the parties reasonably regard it as having been made for value. This is particularly true in the existing duty cases, and in the cases on part payment of a debt.”Edwin Peel, Treitel The Law of Contract (Sweet and Maxwell 2011) p169.

Discussion

A contract law establishes a link away from the fundamental exchange and an argument is delivered for the improvement of specific legal values by which that relationship is assisted and gets flourished. As a result, a consistent and normative foundation of the doctrine must be identified by a flourishing justificatory account of the doctrine.

Although an important influence in English employment law have exercised by the versions of the classical doctrine that has now emerged to be a prominent opposition to implement the doctrine for solving the problems. It is specifically related to the distinction vases and these are more focused on the enforcement of actually unjustified advantages in formal policies, including the policies based on equal opportunities. Both the aspects of doctrine will be argued that either the classical doctrine is falling into desuetude or it has been significantly reviewed.

Past Consideration is not a Good Consideration

Since it is considered to be very important to give consideration in response to the promise as it cannot reasonably involve anything that is done or provided before making the promise. In such a case, no contract exists but only a gift offered by the promisor that was forced by another gift from the promise. It is obvious that these processes should be considered independently as they are not connected.

Consideration can be assumed to be past in such cases when the promise give is pre-dated by the performance or in those cases when it is already corresponded to a reciprocal promise. It cannot be supposed to be the consideration to any other promise made by the same promisor. It is not possible to influence the accurate arrangement of events if the condition seems to be satisfactory to the court. It must be first assured by the court that the promisee's past action and the promisor's promise is the part of generally the similar transaction. This actually presents the general idea of the exemption to the previous rule of consideration, the doctrine of ...