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Words: | Submitted: Mon Jun 19 2006
... 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 by the other." It is possible to see the notion of benefit and loss in contracts but often it is possible to say that actually what happens is that there is a benefit gained by both parties but a loss suffered too. In the above example my benefit is gaining £75 and yours is gaining a PS2, our loss is the PS2 for me and the £75 for you. This situation is not though automatic and it is possible for contracts to exist where the benefit and detriment isn't suffered equally by both parties, to take the above example all that would need to happen to show this is that instead of you paying the £75 to me I ask that ...
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