...which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to...responsibility, given, suffered, or undertaken by another. It is a basic, necessary element for the existence of a valid contract that is legally binding...

...consideration is that of Lush J in Currie v. Misa2, where he stated, "A valuable consideration, in the eyes of the law, may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken...

...Rheinstein, S. 79 ff. 269 Currie v Misa (1875) LR 10 Ex. 153 (162): "A valuable consideration in the sense of the law, may consist either in some right. interest. profit. or benefit accruing to the one party. or some forbearance. detriment loss, or responsibility. given. suffered, or undertaken...

...past will not support a new legal obligation under a release.8 Consideration may be based on either "some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss of responsibility given, suffered or undertaken by the other."9 Surrendering a legal right constitutes...

...CONSIDERATION The two most commonly quoted definitions of consideration are: (a) a valuable consideration... may consist either in some right, interest, profit...responsibility given, suffered or undertaken by the other; CurrievMisa (1875) The main criticism of this definition is that it fails to make it clear that the...

...more detailed definition: A valuable consideration, in the sense of the law, may consist of either some right, interest, profit or benefit accruing to...responsibility given, suffered or undertaken by the other. This definition emphasises benefit and/or detriment. However, it does not explain that: • the detriment...

...was defined by an 1875 English decision 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". In most of the law systems to create a contract it is required at least two sequential statements:...

...promisor. The classical formulation can be found in Curie v. Misa: 'A valuable consideration, in the sense of the law, may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken...

...C.urrie v. Misa (1875) defines 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. Past consideration is not like executory consideration where the exchange of promises takes place in...

...following case. Consideration existed when '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'. In simple terms, it is what is given by each side to enter a contract. Consideration involves the following...