What is consideration?
- ‘Consideration must move from the promise’ - This again links to the notion that consideration is making a bare or gracious promise into a more sophisticated legal contract. If the act cannot demonstrate this shift, it fails to be classified as consideration.
- ‘Consideration need not be adequate’ - so consideration doesn’t need to be adequate i.e. fair or valuable, it can be anything which has value in the eyes of the law, e.g. chewing gum wrappers in Haelan Laboeratories Inc v Topps Chewing Gum Inc
- ‘Motive is not the same as consideration’ - Although intention and consideration play a great role in making a promise or an agreement legally binding, it must be understood they are not the same. Intention refers to the parties intention to enter into a formalistic legal contract where is consderation is the forebearrance or the interest gained by entering into such an agreement.