what are the problems of consideration in law?<\/p>\n
When reviewing the concept of consideration, although deemed an important contractual concept by many, its flaws become rather obvious when subject to light scrutiny.<\/p>\n
In Thomas v Thomas (1842) 2 QB 851, it was established that consideration need not be adequate but must have some value. This concept is intrinsically flawed. If consideration need not be sufficient in value to deem the agreement \u2018fair\u2019 then why is it required at all?<\/p>\n
A rebuttal to the point above is that consideration must have economic value (White v Bluett (1853) 23 LJ Ex 36), and the principle of freedom of contract in conjunction with this would indicate that the contracting parties should be those with the power to deem whether a particular agreement is \u2018fair\u2019. Economic value however is a term subject to a large amount of criticism. Chappell & Co Ltd v Nestle Co Ltd [1960] AC 97, provides that given particular context, chocolate wrappers will be considered to economic value. Clearly this indicates that the term \u2018economic value\u2019 cannot possibly have a precise definition. Legal concepts that are open to vague interpretation can be considered inappropriate for a number of reasons.<\/p>\n
Other issues with consideration include its limitations. Such as;<\/p>\n
An answer that focusses on providing insight into the difficulties related to contractual consideration.<\/p>\n","protected":false},"author":1,"featured_media":1938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"yoast_head":"\n