Legal issues for business managers Essay Example | Topics and Well Written Essays - 1500 words

effective issues for business managers - Essay ExampleThe doctrine is of utmost importance where thither has been a promise to perform an act in future. These are the type of contract that are said to be executory in nature. If there has been a mere promise to perform an act it would only be enforceable if is by representation of a deed. (Mckendrick 2009).The definition of consideration was provided in the case of Currie v Misa1 which revolve around the concept of public assistance world provided to the person who make the promise (the promisor), or a detriment to the person to whom the promise was made. thusly detriment or benefit as specified would suffice so as to make a promise enforceable. This definition has been problematic in instances where the contract is executory was a whole. However, the definition has been found to be enigmatic and as a result it has been said that in order to resolve the issue of consideration the mutuality in the agreement should be looked in to and consideration evaluated thereupon. (Poole 2010).The first requisite of consideration is that it must be ample and need non be adequate, that is it is as a matter of fact considered by courts as being capable of being consideration. The adequacy is not considered because of the fact that the courts do not wish to interfere where the society merely entered into a bad bargain (Thomas v Thomas)2 this is what is known as the principle of freedom of contract (Chappell v. Nestle)3. However, there have been time when it has been found that consideration which has no economic value will not be sufficient and thus will not suffice as consideration. (White v. Bluett)4 (Atiyah et al 2006)Existing tariff which arises due to operation of law and is not related to any contract that is no contract has been made for additional services is held not be enforceable as there is no consideration or to be more precise because of public policy