The issue of consideration in contracts
Consideration is one of the elements required to create a valid contract and it can be broadly described as “something of value to which a party is not already entitled, given to that party in exchange for contractual promises”. In Currie v Misa (1875) LR 10 Ex 153, 162, Lush LJ defined consideration as “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”. This is a useful definition, as it indicates the variety of burdens that can be undertaken by a party in a contractual context in exchange of receiving some form of benefit under the said contract. Consideration comes in several forms. It can be “executed” – an act in return for a promise. For example, if a reward is offered for finding a lost pet (a promise), the person who finds and returns the pet (the act) gets the reward, but only when the act is complete. This is usual for unilateral contracts. On the other han
