NAME: KORIR NANCY CHELAGAT
ID NUMBER: 622275
DATE DUE: SEPTEMBER,9 2008
DIFFERENTIATE BETWEEN EXECUTED CONSIDERATION AND PAST CONSIDERATION
Consideration is one of the three main building blocks of a contract in English contract law and it is the exchange of benefit and detriment e.g., the making of a promise in exchange for an act or it can be anything of value such as an item or service which each party to a legally-binding contract must agree to exchange if the contract is to be valid. If only one party offers consideration, the agreement is not legally a binding contract. In its traditional form, consideration is expressed as the requirement that in order for parties to be able to enforce a promise, they must have given something for it (quid pro quo): something must be given or promised in exchange or return for the promise. A contract must be "met with" or "supported by" consideration to be enforceable; also, only a person who has provided consideration can enforce a contract. In other words, if an arrangement consists of a promise which is not supported by consideration, then the arrangement is not a legally enforceable contract.
EXECUTED CONSIDERATION
When a promise is made in exchange for an act, when that act is performed, it is executed consideration for example when you go to a bakery and ask the baker to make you a birthday cake and you pay for his services in advance then we can call the payment Executed consideration for the bakers promise to make the cake.
PAST CONSIDERATION
If a party voluntarily acts and then the other party makes a promise, the act is said to be "past consideration" since the act was already performed and not made in exchange for the promise. For example Korir gives Boit a ride to the market and ba ...