“CONSIDERATION” PERFORMANCE OF EXISTING LEGAL AND CONTRACTUAL OBLIGATION: IS PERFORMANCE OF LEGAL OBLIGATION A VALID CONSIDERATION?
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https://doi.org/10.55662/Abstract
Consideration is demarcated as an exchange between two parties for the purpose of forming a legal contract. It is one of the essential elements to establish a legitimate contract. The other elements are „agreement‟, which is the meeting of minds of the parties involved to the terms and conditions of the contract and „intention‟, which is the willingness to enter into the contract and create a legal relationship. Consideration is often emphasized because of the fact that gratuitous promise that is without anything done or given in return is not enforceable. An exchange between two parties is very important. It is in this light of this importance, the paper aims to discuss the element of consideration in the contract. The paper has covered the definition and the need of consideration in the course of formation of a contract. The research work has predominantly covered the doctrine of consideration and its relevance in the modern day law of contract.
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