Consideration: Difference between revisions
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imported>Doug Williamson (Clarify that the 'required element' relates to English law.) |
imported>Doug Williamson (Expand in relation to Scots law. Source: UK Supreme Court reports 2015, cited in John Grout's email of 11 March 2015.) |
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A required element in a contract under English law by which something of value, including a promise, is exchanged for the act or promise of another. | A required element in a contract under English law by which something of value, including a promise, is exchanged for the act or promise of another. | ||
Note that other legal systems may differ significantly. For example in Scots law a unilateral undertaking that is intended to have legal effect, such as a promise, is binding without consideration passing from the recipient of that promise. | |||
Revision as of 15:39, 11 March 2015
1. Contract law.
A required element in a contract under English law by which something of value, including a promise, is exchanged for the act or promise of another.
Note that other legal systems may differ significantly. For example in Scots law a unilateral undertaking that is intended to have legal effect, such as a promise, is binding without consideration passing from the recipient of that promise.
2.
More generally, thoughtfulness and sensitivity towards others.
3.
To act with courtesy and consideration is one of the principles of the ACT's Ethical Code.
