... LJ view does illustrate the continuing debate surrounding the actual meaning and function of consideration within contract law in the twenty-first century. Consideration must occur in the present and not in the past for a contract to have legal effect2, but the consideration does not need to be adequate3. The consideration offered must be sufficient and move from the promisee4 in order for the courts to conclude a promise had been made and as Professor Treitel states, it must have 'some economical value'. Part payment of a debt however, does not constitute good consideration for the entire debt5. The conventional view within contract law is that the performance of a contractual duty can constitute consideration, but the performance of an existing legal duty and performance of an existing contractual duty owed to the promisor does not amount to consideration unless a 'practical benefit' to the promisor arises. In the case of ...

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