GDL Law Notes GDL Contract Law Notes
A collection of the best GDL notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through applications from top students and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor". In short these are what we believe to be the strongest set of GDL notes available in the UK this year. This collection of GDL notes is fully updated for recent exams, also making them the most up-to-date GDL study materials ...
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CONTRACT law
consideration, promissory estoppel and duress
Consideration: exchange of promises given by both parties to acontractthat induces them to enter into the agreement to exchange mutual performances. Consideration is the bargaining element of the contract. | DEFINITION ‘An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable’ (Dunedin LJ in Dunlop v Selfridge) BILATERAL CONTRACTS Consideration is provided by the exchange of promises, the act/performance of which will occur in the future. Either party is liable to be sued for breach of contract if they do not perform their promise. This is called executory consideration. UNILATERAL CONTRACTS Consideration consists of a promise in exchange for the performance of an act. The promise must come before the act. This is called executed consideration. |
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HELD: C’s actions were all in the past. They had already been done when the promise had been given therefore they couldn’t be consideration for a promise to do something in the future. Therefore C had no grounds to sue. |
In Pao’s case, yes the promisor asked the company to hold on to the shares.; AND
Was it the sort of circumstances where there would be an expectation of payments? If there is, then consideration may be valid. [similar to ITCLR commercial presumption]; AND
If all other elements of contract have been met and there are no other issues/barriers (e.g. public policy issue) then consideration may be valid. ONLY if all of this criteria is satisfied will past consideration be good consideration. |
Father of bride and father of groom both promised that they will give money to groom. One paid but the other did not pay and died. Groom sues estate of the deceased. HELD: Groom is not entitled to money because he hasn’t got a cause of action – he has given no consideration to the deceased for the promise. Strange circumstances of case: the party that provided consideration was the groom’s father, so he has cause of action. But the money wasn’t promised to him (he’s not the promisee) so he has no loss. Only person with consideration has no loss, and the only person with a loss has no cause of action. The wrong therefore goes uncompensated.
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‘A contracting party can stipulate for what consideration he chooses. A peppercorn does not cease to be good consideration if it is established that the promisee does not like pepper and will throw away the corn.’
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VARIATION CONTRACTS
Voyage from London to the Baltic. Two sailors desert and ship captain gets worried that others will desert, so promises to share out the wages of the deserters amongst remaining crew members. After voyage, Captain refuses to pay. HELD: Courts concluded that sailors were already under an obligation to do the extra work as a result of the contract which stated that they would do “all your best endeavours to get the ship back to London. Crew had done nothing above and beyond their duties to get the extra money – no consideration had been given. Policy reason for decision: accepting consideration could lead to duress. | Exception 1: going above and beyond your contractual obligation
Similar facts to Stylk - captain promised extra money to crew and then did not pay. The difference was this time so many sailors deserted that continuing the voyage became a ‘new and dangerous journey’. Staying on board therefore meant that the sailors were doing something extra. HELD: Sailors had given consideration so they were entitled to the extra money they were promised. Exception 2: Promisor receives a practical benefit Factual consideration/practical benefit = good consideration.
Building contract with main contractor, D, who has been contracted to refurbish a block of 27 flats. D subcontracts carpentry work to C, who struggle to keep up with the work. 20,000 = agreed sum to be paid to C. After completing 9 flats, C tell D that they’re running out of money because they lacked resources as they had underpriced the tender to win the contract. D has a deadline with landowners and would have to pay liquidated damages if they didn’t meet deadline. D said they’d give C extra money and tell C to change method of work – work on project flat by flat rather than altogether. D made some payments,... |
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A collection of the best GDL notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through applications from top students and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor". In short these are what we believe to be the strongest set of GDL notes available in the UK this year. This collection of GDL notes is fully updated for recent exams, also making them the most up-to-date GDL study materials ...
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