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consideration 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 (Currie v. Misa (1875) L.R. 10 Ex. 162, per Lush J.). The payment of a smaller sum is not consideration for the satisfaction of a larger (Foakes v. Beer (1884) 9 App. Cas, 605). An executed consideration is some value already given; executory consideration is value to be given in the future. Good consideration is not valuable, but based on natural love or relationship. |
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See Also: Statutory Definition |