... concept of consideration really means that each party should gain something beneficial from the transaction. In Carrie v Misa case1 there is suggestion that consideration always refers to the type called executed consideration where one party has done everything he is required to do under the contract where in modern law executory contracts is a promise in return for a promise which are enforceable. The second element namely the intention to create legal relations may be passed over swiftly as this is usually understood to exist by virtue of the fact that the parties are in negotiations. The court makes two presumption in relate to intention to create legal relation, these are Business/ Commercial relationship which are intention to be leally bounded and family/domestic/social relationship which has no intention to be leally bounded. Therefore presumption applies but has to be rebutted by express words or by their conduct. In business/commercial ...

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