Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.
In respect to this, what is a bare promise?
In contract law, a promise unsupported by consideration, or having consideration insufficient in law to sustain the ‘consideration’ element of a contract.
Furthermore, what are the 3 requirements of consideration?
Each party must make a promise, perform an act, or forbear (refrain from doing something). 2.)
What are the three types of consideration?
There are mainly three types of consideration:
- Executory or Future Consideration: Executory Consideration, as the name suggests is one which is yet to be performed. …
- Executed or Present Consideration: Executed consideration, means the one which is concurrently provided when the promise is made.
A “nudum pactum” is a bare agreement, a promise or undertaking without any consideration for it. Blacks Law Dict, 5th Ed., 1979. Where there is a nudum pactum, there is no consideration, and the contract is not valid and not enforceable.
An agreement to carry out an illegal act is an example of a void agreement. For example, a agreement between drug dealers and buyers is a void agreement simply because the terms of the contract are illegal. In such a case, neither party can go to court to enforce the contract.
“The doctrine of privity means that a contract cannot, as a general rule confer rights or impose obligations arising under it on any person other than the parties to it.” … Privity of consideration states that only a person who has provided consideration can enforce the contract and take action against it.
One exception to the rule requiring consideration is promissory estoppel. In a bilateral contract the considerations for each promise is a return promise. In a unilateral contract, the consideration is one partys consideration is the promise and the other partys consideration is the act.
The following are the Rules governing consideration in a contract. Consideration must move at the desire of the promisor. Consideration may Move front the Promisee or any other Person. Consideration may be Past, Present or Future. Consideration need not be Adequate.