Explain what is meant by the rules of consideration which provide that consideration need not be adequate but must be sufficient.

Consideration is a necessary element for the formation of a valid simple contract. Consideration is not needed in the case of speciality contracts ( i.e. by deed).

Grade: A-C | £3.99.

This essay looks in detail at consideration,the concept of consideration is established and there is an in depth analysis of the rules:

  1. consideration need not be adequate,

  2. consideration must be sufficient.

 

The following cases are discussed:

 

Dunlop v Selfridge (1915);

Thomas v Thomas (1842);

White v Bluett (1853);

Ward v Byham (1956);

Chappell & Co Ltd v Nestle Ltd (1959);

Edmonds v Lawson (2000);

Alliance Bank v Broom (1864);

Williams v Roffey Bros & Nicholls (Contractors) Ltd (1989);

Stilk v Myrick (1809);

 

As always the essay lends itself to further research and development according to your individual needs.