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What is the Doctrine of Consideration? Explain its relationship to theEquitable Doctrine of Promissory Estoppel.
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Contract LAWS 1009 Formative Assignment.
Q: What is the Doctrine of Consideration? Explain its relationship to the
Equitable Doctrine of Promissory Estoppel.
Consideration can be seen as, that which one party gives or promises to give in exchange for the others parties performance or their promise to future performance.
The classic definition of consideration was given by the court of first instance in the 1875 case of Currie v Misa1
"A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility, given suffered or undertaken by the other."
Therefore some kind of benefit and detriment to the involved parties must be present in order for good consideration to have occurred. For example if you go to buy a pint of lager you pay for the lager and the barman gives you your pint. You have lost money but gained the pint of lager and the barman has lost the pint of lager but gained the money you paid. Here we can see that
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