Wednesday, November 3, 2010

THE TERM ECONOMIC VALUE IN CONSIDERATION

he law of contract,the purpose of consideration is to put some legal limit on the enforcebility of agreement even where they are intended to be legally binding and are not vitiated by some factors such as mistake,misrepresentation,duress or illegality.
Edwin Peel ,in 'treitel  The law Of  Contract 'went further to say that an act forbearance or promise will amount to consideration only if the law recognises that it has some economic value.

The above statement tends to bring up some legal issues in my mind in relation to the term economic value.
The law has not been fair in stateing the real value of a consideration.
In (White v Bluett),it was held that a son had not provded consideration  for his fathers promise not to sue him on a promissory note by promising not to bore his father with complaints.
T he above case tends bring to an issue what is the value of consideration.if the rule state that the person that the promise was made to must forbear something,the son in question has forbeared to bore his father with his problems.

The term 'economic value of consideration' need to be addressed to make more understanable when it is economically valued by law

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