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Words: | Submitted: Mon Jun 28 2004
... could consist of some other service to which A might agree. Further, the promise of a money payment or service in the future is just as sufficient a consideration as payment itself or the actual rendering of the service. Thus the promisee has to give something in return for the promise of the promisor in order to convert a bare promise made in his favour into a binding contract. Lush J. in Currie v Misa (1875) referred to consideration as consisting of a detriment to the promisee or a benefit to the promisor: "... some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other." The definition given by Sir Frederick Pollock, approved by Lord Dunedin in Dunlop v Selfridge Ltd [1915], is; "An act or forbearance of one party, or the promise thereof, is the price ...
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