arggh! help (contract law) (1 Viewer)

[It]

i have question that is bugging me and i really cant understand. all my text book seems to do is confuse this shit out of me....

can a promise to pay 600,000 for a house be seen as "consideration" or does the person buying the house have to actually pay some of the money?

in other words, is the promise to pay the "consideration" or do they actually have to pay some to be seen as the consideration?

i really have got no idea and am totally lost. any help is greatly appreciated. thanks

 

[hiphophorray123]

if it's written i think yes it would be

 

[MoonlightSonata]

can a promise to pay 600,000 for a house be seen as "consideration" or does the person buying the house have to actually pay some of the money?

in other words, is the promise to pay the "consideration" or do they actually have to pay some to be seen as the consideration?

The promise to pay is the consideration.

 

[Frigid]

The promise to pay is the consideration.

MS, if consideration can also be a promise... then what difference does that make with revocation of bare offers and the inability to revoke an 'option' contract with consideration as in Goldsborough?

 

[santaslayer]

The promise to pay is the consideration.

Isn't the $600,000 amount the 'consideration' and not the 'promise' itself?

OK, The promise is the amount, I see what you mean, but would the 'amount' actually be a better answer? I'm sorta rephrasing what frigid's questioning I guess. I hope I make sense. lol

 

[MoonlightSonata]

MS, if consideration can also be a promise... then what difference does that make with revocation of bare offers and the inability to revoke an 'option' contract with consideration as in Goldsborough?

Most of the time consideration is the promise. Eg. A contract where I will pay $100 for you to paint my house. My promise to pay and your promise to paint is the consideration.

The only time an act itself is consideration (ie. where there is a promise for an act) is where there is a unilateral contract (at the time of formation, one party has promised to do one thing, and the other party has already done that thing). Eg. I offer $50 for anyone who finds my lost turtle. A contract arises when you find the turtle.

In answer to Frigid's question, conisderation is still the promise. You promise to pay $20 and I promise to keep the offer open. (If there is no consideration you might have an estoppel claim against me though )

 

[MoonlightSonata]

Isn't the $600,000 amount the 'consideration' and not the 'promise' itself?

OK, The promise is the amount, I see what you mean, but would the 'amount' actually be a better answer? I'm sorta rephrasing what frigid's questioning I guess. I hope I make sense. lol

No, trust me, the promise to pay is the consideration. This is a problem A LOT of contract law students face, don't worry.

 

[MoonlightSonata]

In honour of Sir Edward McTiernan I will simply say 'I concur' with Moonlight.

Didn't McTiernan trip and break his hip (leading to retirement) chasing after a cricket?