The Doctrine of Consideration as a Key Determinant in the Law of Contract - Term Paper Example

The earliest theory of contract was the classical contract or will theory, founded upon the individualistic basis of laissez faire, enabling individuals to enter into agreements of their own choice on their own terms.... 1 Richard Baumann characterizes classical contract law as… sing on the private ordering of relations, where the role of the Courts is restricted to enforcing their bargained-for exchange”.... 2 In fact, opponents contended that classical contract theory may not represent the true will of the parties and inequitable individual gain is an Charles Fried stated that persons entering into a contract are morally bound to keep it....

The decision to purchase the Cleveland Stadium Corporation wasn't considered to be fair by the court since the directors failed to satisfy any of the conditions stated in the law that would have ensured them protection against such challenge.... The court on applying the fairness rule, found the directors, Modell, Bailey, Poplar and Berick to be in an influential position whereby the control of making a transaction as well as fixing various terms related to the contract (such as pricing ) was totally biased in their favor....

Evaluation revolves around aspects such as the concepts of procurement and contract management, RFP selection tools, procurement planning, and legal characteristics.... The author of the paper analyzes the project management and how it relates to purchasing and supply management....

The purpose of the assignment "Business Environment and the English Legal System" is to conduct an extensive analysis of two particular legal cases that feature the elements of contract law.... Under the circumstances, there would be losses accruing to the other 28 players, not only for the expenses they may have incurred in traveling to Birmingham but also in other opportunities they may have missed, which will give rise to a cause of action for compensatory damages, apart from the restitutory damages that will be due under the breach of contract....

his application of the common law doctrine of a duty of care rests in large part on concepts of propriety rights.... Therefore, at common law, a duty of care exists between the parties.... nbsp; 'Who then in law is my neighbour?... The given essay "Potential TORT Liabilities of Parties" argues about the potential liabilities in respect of tortuous conduct between the main contractor and a project manager/architect are dependant upon the duty of care and the exercise of that duty of care together with contractual obligations between the parties....

Since a promise has been made, the promiser can go back on its promise only if some other consideration was supplied in return for the creditor's agreement to accept a lesser sum than what it was promised.... In general, if one party can demonstrate that it suffered some detriment in reliance on the promise of the other party, this is sufficient to establish the right to claim the consideration promised3.... It has been held that for the purpose of determining consideration, there is a difference between legal and practical benefit....

This paper 'The Legal Environment of Business - Distinguishing Between an Offer and an Invitation to Treat" focuses on the fact that to make a distinction between an offer and an invitation to treat it is necessary to examine how a contract is formed, discussing the three key elements of a contract.... For the formation of a contract, the key elements are an offer, acceptance of that offer, and consideration.... When all elements are present the court will deem the contract to be valid....

This paper critically evaluates the law regarding restrictive covenants and contracts made by minors with specific reference to the decision in the Rooney decision and its implications for the negotiation of player contracts and player negotiation.... The general presumption of the law has been that any contractual attempt to limit an individual's right to earn a living will be void on grounds of not being in the public interest4 and was established in Nordenfelt v Maxim Nordenfelt Guns and Ammunition5, which asserted that a restrictive covenant on a former employee will prima facie be void....