Consideration
This is something of value exchanged between parties to make a contract legally binding.
What is consideration?
The person who wants to enforce a contract must provide this.
What is consideration moving from the promisee?
This group generally lacks full capacity to contract and is under 18.
Who are minors?
A minor must pay this for necessaries, not necessarily the contract price.
What is a reasonable price?
This quality ensures legal documents are easy to understand and not confusing.
What is clarity?
This type of consideration involves a promise to do something in the future.
What is executory consideration?
Consideration cannot consist of this type of act, such as something illegal or immoral.
What is illegal consideration?
Contracts with minors are binding on this party but not on the minor.
Who is the adult?
This happens when a minor cancels a contract during or shortly after reaching majority.
What is repudiation?
These clauses outline how and when money is to be paid.
What are payment clauses?
This rule states that something already done cannot be valid consideration for a new promise.
What is the rule against past consideration?
This requirement means the promisor must ask for the consideration.
What is consideration must be requested?
These are goods or services necessary for a minor’s reasonable existence.
What are necessaries?
Money paid by a minor can only be recovered if this occurs.
What is a total failure of consideration?
This clause determines who bears the risk of loss before completion.
What is a risk clause?
This principle means consideration must have some value but does not have to be equal in value.
What is “consideration must be sufficient but not adequate”?
This happens when someone relies on a promise and changes their position.
What is reliance (in promissory estoppel)?
This type of contract must be overall beneficial to the minor to be enforceable.
What are beneficial contracts of service?
Contracts for loans or non-necessary goods are typically classified as this.
What are void contracts?
These rules govern how court documents must be formatted and filed.
What are Civil Procedure Rules (CPR)?
This doctrine allows a promise to be enforced without consideration when it would be unfair to go back on it.
What is promissory estoppel?
Performing an existing contractual duty is generally not valid consideration unless this is gained.
What is a practical benefit?
These contracts are valid unless the minor chooses to cancel them.
What are voidable contracts?
This legal approach aims to protect minors from disadvantageous agreements.
What is the protective (paternalistic) approach of the law?
This type of drafting involves legal documents submitted to court.
What is court drafting?