Agreement For And In Consideration Of

The exchange of counterparties creates an advantage and a burden for each party that issues a contract. Another exception is that the partial debt by a third party, in return for a promise of relief of the entire amount, prevents the creditor from subsequently suing the debtor for full payment (see Welby v Drake). Example: “[The Party] expressly acknowledges that the obligations of this Agreement are supported by reasonable and appropriate consideration and that such agreements are appropriate and necessary to protect the legitimate business interests of [the enterprise] in connection with the acquisition.” On the other side of the coin, the illegal quid pro quo could be a promise not to do something to which a party is legally required to pay taxes, for example.B. or to satisfy a legal requirement. A promise to pay part of a debt is not a sufficient counterpart to pay a larger debt. This is because there is no new counterpart for paying a smaller amount of money. According to Currie v Misa[2], there is consideration for a given promise if the promisor receives (or is incurred) a right, interest, benefit or advantage as a direct result of an indulgence, disadvantage, loss or liability given by the promise, suffered or assumed. The indulgence to act assimilates a counterpart only if one thus renounces a legal right. [3] [4] [5] If the promising provides what he was required to do publicly without a doubt, the performance of the existing obligations promised is not a good counterpart. At Collins vs. Godefrey, Godefrey promised to pay Collins for his testimony.

It was found that Collins failed to keep his promise, as he was in any event subject to a legal obligation to testify. [21] For this reason, the consideration may be insufficient from a business point of view, but for legal purposes: talk to a contractual lawyer about your agreement and let it clarify. Call us to speak to a contract lawyer on +44 20 7036 9282 or email us at contact@hallellis.co.uk. 1. Consideration. Taking into account the obligations and obligations of [NAME OF PARTY], [NAME OF ENTERPRISE] undertakes to pay a payment of [amount of payment in cash] [payable in [NUMBER OF INSTALMENTS] equal [PERIOD OF INSTALMENTS]. In the legal order, the notion of “consideration” in contract law refers to something of value that is given to someone in return for goods, services or other promise. . . .