F4 CORPORATE AND BUSINESS__LAW(ENGLISH)-17

Chapter 4 Formation of contracts I Answer Suggestion: Adam (2.2 pilot Paper amended)

Application and Conclusion In this case, Carol is altering the terms by seeking to pay by cheque rather than cash. So Carol has made a counter-offer that Adam is free to accept or reject.

Slide 97

Chapter 4 Formation of contract 6.Definition of consideration

Consideration

Define

Types

Executory

Executed

Past

Re McArdle Lampleigh v BraithwaiteSlide 98

Chapter 4 Formation of contract Consideration

‘be sufficient but need not be adequate’Thomas v Thomas

Insufficient Stilk v Myrick Hartley v Ponsonby Williams v Roffey Bros

Performance of existing legal obligations

Slide 99

Chapter 4 Formation of contract Consideration

‘be sufficient but need not be adequate’

Insufficient

Performance of existing legal obligations

Part payment in settlement of a debt

Slide 100

Chapter 4 Formation of contract Consideration

‘be sufficient but need not be adequate’

Unless Pay the debt early Pay by goods instead of cash Payment made by 3rd party

Insufficient

Part payment in settlement of a debt

Doctrine of promissory estoppelSlide 101

Chapter 4 Formation of contract 7.Doctrine of privity

Doctrine

Dunlop v Selfridge

Exceptions

Slide 102