The law of obligations: Consideration

Consideration

Consideration - something of value which is given for a promise and is required in order to make a promise
enforceable as a contract:
Some detriment to the promisee (in that he may give value) and/or,
Some benefit to the promisor (in that he may receive value).

Traditional definition (Currie vs Misa):
A valuable consideration, in the sense of law, may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss of responsibility given, suffered or undertaken by the other.

Doctrine of promissory Estoppel:
An equitable remedy that was developed by the courts to protect the rights and interests of persons who under a promise relied upon the requirements of the promise to his or her detriment regardless of whether consideration
was provided.

Unilateral contracts:
Obligation arises once acted by another party;
Not executory because the act has not been
promised by promisee;
Example: Award notices.

Bilateral contracts:
Obligation to act has not yet fallen;
Consideration is executory.