Consideration In Nestle's Business Case: Currie V. Mist.
Consideration is one of the four essential elements in forming a legally binding contract. Currie v Misa (1875) LR 10 Ex 153 has defined valuable consideration as “some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other”.
The rule that ‘consideration need not be adequate’ means that once something of value can be shown, the court makes no inquiry into whether the thing offered is a genuine equivalent of the promise made because “the adequacy of the consideration is for the parties to consider at the time of making the agreement, not for the Court when it is sought to be enforced” .
Some people might argue that this has emaciated the consideration doctrine because there will always be arguments and discrepancy over the
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Furthermore, the principle of the case was that ‘consideration must have value in the eyes of the law’ and value is anything that is tangible regardless of its intrinsic value. Therefore, the consideration doctrine was not …show more content…
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