Consideration in Law of Contract Essay Example | Topics and Well Written Essays - 1250 words

Consideration in Law of Contract - Essay Example 6. Promise to perform an existing contractual obligations is a valid consideration. Definition of Consideration: Sir Frederick Pollock, defined consideration as "An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable." Lord Dunedin ratified this definition in Dunlop v Selfridge Ltd [1915] AC 847, Patteson J defines Consideration in Thomas v Thomas [(1842) P 118)] case as "Consideration means something which is of some value in the eye of the law, moving from the plaintiff; it may be some detriment to the plaintiff or some benefit to the defendant, but at all events it must be moving from the plaintiff. [Contract Cases and Materials by H.G.Beale, W.D.Bishop and M.P.Furmston. Chapter 6 p.93] Consideration is defined by Lush J. in the case of Currie v Misa [(1875) LR 10 Exch 153, 162.] as "A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss or responsibility, given, suffered or undertaken by the other". [Contract Cases and Materials by H.G.Beale, W.D.Bishop and M.P.Furmston. Chapter 6 p.93] Evaluation of this definition with reference to the Court of Appeal's understanding of consideration in Williams v Roffey Bros &Nicholls (Contractors) Ltd (1990) 1All ER 512, Court of appeal. [Contract Cases and Materials by H.G.Beale, W.D.Bishop and M.P.Furmston. Chapter 6 p.107] Before we attempt this it is necessary to know brief facts of the case. In this case Roffey Bros. are the Principal contractors undertaken the carpentry work in an apartment. In the principal... Consideration in Law of Contract The Dictionary meaning of Consideration is "Consideration means something which is of value in the eyes of the law, moving from the plaintiff, either a benefit to the plainiff or detriment to the defendant. Consideration is not to be confounded with motive." (Black's Dictionary) Consideration means "Something that is legally regarded as the equivalent or return given or suffered by one for the act or promise of another". Adequate consideration means, "Legally sufficient, lawfully and reasonably sufficient". (Webster's third new International dictionary) The word "Adequate" means fully equal requirements or occasions, commensurate, but in its primary and not more popular significance, nothing can be said to be 'adequate' which is not equal to what is required, suitable to the case or occasion, fully sufficient, proportionate, and satisfactory". Therefore the definition of consideration as defined by Lush J. in Currie v Misa case is perfectly fulfilled in this case. Hence the courts have rightly adjudicated the case in favour of the plaintiff. Another point to discuss in this case is whether there is a promissory estoppel. Before we discuss this it is better to under stand the promissory estoppel. Estoppel is an equitable doctrine: Courts apply this doctrine as discretion. It is not a remedy at law. When one party did said something to induce the other party to make a promise. At later stage if he differs as unlawful and not enforceable. The court can apply its discretion of Estoppel on sufficient proof.

Cost and Benefits of Internal Recruitment for ACE Media Group Essay

Cost and Benefits of Internal Recruitment for ACE Media Group - Essay Example ACE Media Group will also save training and recruitment costs as the employee recruited will not need intensive training to perform his or her duties as a project lead in Malaysia. The director will only need to acclimatize to the foreign business environment but will not struggle to acquaint himself with the policies of the firm. The approach is also beneficial to the organization as it is much easier. The HR recruitment team will have access to sufficient information on potential candidates from its various branches across the world such as Sydney, UK, France Singapore and China. The availability of the information pool will make the selection process easier. In addition, internal recruitment will also facilitate succession planning. ACE Media group will incur several costs associated with internal recruitment. First, they would bear the opportunity costs linked to recruiting old talent who lack new perspectives acquired from outside the organization. Being that ACE Media Group is a big business, it is possible that internal politics will arise among interests groups, and this may jeopardize the unity of workers. Internal recruitment may not help in turning the company around as the recruited employee will tend to stick to the usual strategies and stale ideas due to inbreeding within the firm. External recruitment may bring to the company a new employee possibly a Malaysian who may not facilitate quick settlement in the foreign market due to local politics and prejudice.