Varying of Contract Terms Case Study Example | Topics and Well Written Essays - 1750 words

Varying of Contract Terms - Case Study ExampleConsideration is an all-important(a) principle for a contract as the English courts take that into when determining the legal enforceability of a contract. McKendrick states that the purpose of condition is to give the badge of enforceability to agreements. The definition of consideration can be found in the case of Currie v. Misa which revolves around the concept of benefit to the promisor, or detriment to the promisee, thus the requirement is mutually exclusive.Another important eyeshot of consideration is that it must be sufficient and need not be adequate that is it must be something which the court would consider to be legally qualified of constituting consideration. The position that was found to be problematic for business practices in respect of consideration whether an existing engagement could be treated as good consideration or in other words could the terms of the contract be changed without any additional consideration being provided for such variance. The three aspects that require an analysis there are possibly three different types of existing obligation which can arguably constitute to be a consideration. The first one is of an obligation which arises under the law, and there are independent of any contract. The second one is that of obligations that are owed under a contract with a third party. Finally, the obligations which are living by way of a contract with the person who makes the new promise, for which it is alleged that the existing obligations should be held to be a good consideration.