Valuable consideration - Revision history

Designing Buildings at 06:02, 7 October 2020

2020-10-07T06:02:25Z

← Older revision		Revision as of 06:02, 7 October 2020
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	* Relevant matter.		* Relevant matter.

−	[[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:DCN_Case_Law]] [[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 08:34, 22 February 2019

2019-02-22T08:34:44Z

← Older revision		Revision as of 08:34, 22 February 2019
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	* Collateral warranties.		* Collateral warranties.
		+	* Compensation.
	* Construction contract.		* Construction contract.
	* Essentials of a contract.		* Essentials of a contract.
		+	* Fees.
		+	* Compensation event.
		+	* Delay damages.
		+	* Fees.
		+	* Liquidated damages.
		+	* Loss and expense.
		+	* Payment for extra work.
		+	* Penalty.
		+	* Relevant event.
		+	* Relevant matter.

	[[Category:Contracts_/_payment]] [[Category:Procurement]]		[[Category:Contracts_/_payment]] [[Category:Procurement]]

Editor at 14:47, 28 September 2018

2018-09-28T14:47:48Z

← Older revision		Revision as of 14:47, 28 September 2018
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	Other than contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable consideration.		Other than contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable consideration.

−	Valuable consideration is 'something of value in the eye of the law' (Thomas v Thomas). Clearly the payment of money or a promise to pay money is valuable consideration. However 'in the eyes of the law' other acts, however insignificant, may provide valuable consideration. For example a promise to give £50 'if you will come to my house' was held to be valuable consideration in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide valuable consideration; for example a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'. The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the giving of a guarantee by a construction company in consideration of a payment under the construction contract, are examples of past consideration.	+	Valuable consideration is 'something of value in the eye of the law' (Thomas v Thomas). Clearly, the payment of money or a promise to pay money is valuable consideration. However, 'in the eyes of the law' other acts, however insignificant, may provide valuable consideration.

−	~~Valuable consideration need not~~ be ~~adequate~~ consideration in a ~~sense that the courts are~~ not ~~concerned as to the fairness of the bargain between two contracting parties. For this reason payment of nominal consideration is sufficient. Collateral warranty agreements usually~~ provide ~~that~~ consideration for ~~the agreement shall be the payment by the promisee to the promisor of the sum~~ of ~~£1 or £10~~. ~~Whether it be £1 or £10 this consideration though nominal~~ is valuable consideration ~~for the purposes of enforcing the warranty~~.	+	For example, a promise to give £50 'if you will come to my house' was held to be valuable consideration in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide valuable consideration; for example, a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'.

−	~~Valuable consideration must support the promise and not the contract. That is to say there must be some detriment to the promisee (the~~ giving of ~~value) or some benefit to the promisor (receipt of value). In many cases~~ a ~~detriment to the promisee will be the same as a benefit to the promisor, for example, a sub-contractor promises to carry out piling works~~ in consideration ~~for which the main contractor promises to pay the price~~ of ~~those works. The carrying out~~ of the piling works and the promise to pay the price of the works are respectively both detriments and benefits. However, whilst consideration must move from the promisee it is not necessary for consideration to move to the promisor. For example, if A promises to B that ~~A will guarantee~~ the ~~repayment~~ of a ~~loan of finance to be made~~ by ~~B to C, whilst A derives no benefit from the transaction if B,~~ in consideration of ~~A's promise, makes the loan to C, then B will suffer~~ a ~~detriment which provides valuable consideration moving from B (~~the ~~promisee) to A (the promisor) in respect of a~~ contract of ~~guarantee~~.	+	The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the giving of a guarantee by a construction company in consideration of a payment under the construction contract, are examples of past consideration.

−	~~= Find out more =~~	+	Valuable consideration need not be adequate consideration in a sense that the courts are not concerned as to the fairness of the bargain between two contracting parties. For this reason payment of nominal consideration is sufficient. Collateral warranty agreements usually provide that consideration for the agreement shall be the payment by the promisee to the promisor of the sum of £1 or £10. Whether it be £1 or £10, this consideration, though nominal, is valuable consideration for the purposes of enforcing the warranty.

−	=== Related articles on Designing Buildings Wiki ===	+	Valuable consideration must support the promise and not the contract. That is to say there must be some detriment to the promisee (the giving of value) or some benefit to the promisor (receipt of value).
		+
		+	In many cases, a detriment to the promisee will be the same as a benefit to the promisor, for example, a sub-contractor promises to carry out piling works in consideration for which the main contractor promises to pay the price of those works. The carrying out of the piling works and the promise to pay the price of the works are respectively both detriments and benefits. However, whilst consideration must move from the promisee it is not necessary for consideration to move to the promisor.
		+
		+	For example, if A promises to B that A will guarantee the repayment of a loan of finance to be made by B to C, whilst A derives no benefit from the transaction if B, in consideration of A's promise, makes the loan to C, then B will suffer a detriment which provides valuable consideration moving from B (the promisee) to A (the promisor) in respect of a contract of guarantee.
		+
		+	= Related articles on Designing Buildings Wiki =

	* Collateral warranties.		* Collateral warranties.

Designing Buildings at 17:36, 17 January 2017

2017-01-17T17:36:29Z

← Older revision		Revision as of 17:36, 17 January 2017
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−	~~Save for~~ contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable consideration.	+	Other than contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable consideration.

	Valuable consideration is 'something of value in the eye of the law' (Thomas v Thomas). Clearly the payment of money or a promise to pay money is valuable consideration. However 'in the eyes of the law' other acts, however insignificant, may provide valuable consideration. For example a promise to give £50 'if you will come to my house' was held to be valuable consideration in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide valuable consideration; for example a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'. The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the giving of a guarantee by a construction company in consideration of a payment under the construction contract, are examples of past consideration.		Valuable consideration is 'something of value in the eye of the law' (Thomas v Thomas). Clearly the payment of money or a promise to pay money is valuable consideration. However 'in the eyes of the law' other acts, however insignificant, may provide valuable consideration. For example a promise to give £50 'if you will come to my house' was held to be valuable consideration in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide valuable consideration; for example a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'. The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the giving of a guarantee by a construction company in consideration of a payment under the construction contract, are examples of past consideration.

86.190.73.251 at 17:06, 17 January 2017

2017-01-17T17:06:04Z

← Older revision		Revision as of 17:06, 17 January 2017
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		+	Save for contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable consideration.

−	~~Save for contracts made under seal, and subject to~~ the ~~Contracts (Rights~~ of ~~Third Parties~~) ~~Act,~~ the ~~courts~~ will not ~~enforce gratuitous promises~~. ~~There must be~~ valuable consideration.	+	Valuable consideration is 'something of value in the eye of the law' (Thomas v Thomas). Clearly the payment of money or a promise to pay money is valuable consideration. However 'in the eyes of the law' other acts, however insignificant, may provide valuable consideration. For example a promise to give £50 'if you will come to my house' was held to be valuable consideration in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide valuable consideration; for example a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'. The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the giving of a guarantee by a construction company in consideration of a payment under the construction contract, are examples of past consideration.

−	Valuable consideration ~~is 'something of value~~ in the ~~eye~~ of the ~~law' (Thomas v Thomas)~~. ~~Clearly the~~ payment of ~~money or a promise to pay money~~ is ~~valuable~~ consideration~~. However 'in~~ the ~~eyes~~ of the ~~law' other acts, however insignificant, may provide valuable consideration~~. ~~For example a promise to give £50 'if you will come to my house' was held to~~ be ~~valuable~~ consideration ~~in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide~~ valuable consideration; for example a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'. The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the ~~giving~~ of ~~a guarantee by a construction company in consideration of a payment under~~ the ~~construction contract, are examples of past consideration~~.	+	Valuable consideration need not be adequate consideration in a sense that the courts are not concerned as to the fairness of the bargain between two contracting parties. For this reason payment of nominal consideration is sufficient. Collateral warranty agreements usually provide that consideration for the agreement shall be the payment by the promisee to the promisor of the sum of £1 or £10. Whether it be £1 or £10 this consideration though nominal is valuable consideration for the purposes of enforcing the warranty.

−	Valuable consideration need not be adequate consideration in a sense that the courts are not concerned as to the fairness of the bargain between two contracting parties. For this reason payment of nominal consideration is sufficient. Collateral warranty agreements usually provide that consideration for the agreement shall be the payment by the promisee to the promisor of the sum of £1 or £10. Whether it be £1 or £10 this consideration though nominal is valuable consideration for the purposes of enforcing the warranty.	+	Valuable consideration must support the promise and not the contract. That is to say there must be some detriment to the promisee (the giving of value) or some benefit to the promisor (receipt of value). In many cases a detriment to the promisee will be the same as a benefit to the promisor, for example, a sub-contractor promises to carry out piling works in consideration for which the main contractor promises to pay the price of those works. The carrying out of the piling works and the promise to pay the price of the works are respectively both detriments and benefits. However, whilst consideration must move from the promisee it is not necessary for consideration to move to the promisor. For example, if A promises to B that A will guarantee the repayment of a loan of finance to be made by B to C, whilst A derives no benefit from the transaction if B, in consideration of A's promise, makes the loan to C, then B will suffer a detriment which provides valuable consideration moving from B (the promisee) to A (the promisor) in respect of a contract of guarantee.
−		+
−	Valuable consideration must support the promise and not the contract. That is to say there must be some detriment to the promisee (the giving of value) or some benefit to the promisor (receipt of value). In many cases a detriment to the promisee will be the same as a benefit to the promisor, for example, a sub-contractor promises to carry out piling works in consideration for which the main contractor promises to pay the price of those works. The carrying out of the piling works and the promise to pay the price of the works are respectively both detriments and benefits. However, whilst consideration must move from the promisee it is not necessary for consideration to move to the promisor. For example, if A promises to B that A will guarantee the repayment of a loan of finance to be made by B to C, whilst A derives no benefit from the transaction if B, in consideration of A's promise, makes the loan to C, then B will suffer a detriment which provides valuable consideration moving from B (the promisee) to A (the promisor) in respect of a contract of guarantee.	+

	= Find out more =		= Find out more =

	=== Related articles on Designing Buildings Wiki ===		=== Related articles on Designing Buildings Wiki ===
−	*Collateral warranties.
−	*Contract.
−	*Essentials of a contract.

−	[[Category:Contracts_/_payment]]	+	* Collateral warranties.
−	[[Category:Procurement]]	+	* Construction contract.
		+	* Essentials of a contract.
		+
		+	[[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings: moved Consideration to Valuable consideration

2013-11-28T13:01:44Z

moved Consideration to Valuable consideration

← Older revision

Revision as of 13:01, 28 November 2013

Designing Buildings: Created page with " Save for contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable considera..."

2013-10-16T07:44:48Z

Created page with " Save for contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable considera..."

New page

Save for contracts made under seal, and subject to the Contracts (Rights of Third Parties) Act, the courts will not enforce gratuitous promises. There must be valuable consideration.

Valuable consideration is 'something of value in the eye of the law' (Thomas v Thomas). Clearly the payment of money or a promise to pay money is valuable consideration. However 'in the eyes of the law' other acts, however insignificant, may provide valuable consideration. For example a promise to give £50 'if you will come to my house' was held to be valuable consideration in Gilbert v Ruddeard. However, as a general rule, a moral obligation does not provide valuable consideration; for example a promise made 'in consideration of natural love and affection' (Brett v J.S.). Nor is a pre-existing legal obligation sufficient to provide valuable consideration, often referred to as 'past consideration'. The giving of a collateral warranty by an architect in consideration of terms of appointment that have already been fulfilled or the giving of a guarantee by a construction company in consideration of a payment under the construction contract, are examples of past consideration.

Valuable consideration need not be adequate consideration in a sense that the courts are not concerned as to the fairness of the bargain between two contracting parties. For this reason payment of nominal consideration is sufficient. Collateral warranty agreements usually provide that consideration for the agreement shall be the payment by the promisee to the promisor of the sum of £1 or £10. Whether it be £1 or £10 this consideration though nominal is valuable consideration for the purposes of enforcing the warranty.

Valuable consideration must support the promise and not the contract. That is to say there must be some detriment to the promisee (the giving of value) or some benefit to the promisor (receipt of value). In many cases a detriment to the promisee will be the same as a benefit to the promisor, for example, a sub-contractor promises to carry out piling works in consideration for which the main contractor promises to pay the price of those works. The carrying out of the piling works and the promise to pay the price of the works are respectively both detriments and benefits. However, whilst consideration must move from the promisee it is not necessary for consideration to move to the promisor. For example, if A promises to B that A will guarantee the repayment of a loan of finance to be made by B to C, whilst A derives no benefit from the transaction if B, in consideration of A's promise, makes the loan to C, then B will suffer a detriment which provides valuable consideration moving from B (the promisee) to A (the promisor) in respect of a contract of guarantee.

= Find out more =

=== Related articles on Designing Buildings Wiki ===
*Collateral warranties.
*Contract.
*Essentials of a contract.

[[Category:Contracts_/_payment]]
[[Category:Procurement]]