MGMT 2021: Consideration can be defined as “something of value in the eyes of the law: Business Law

Question

(a) Consideration can be defined as “something of value in the eyes of the law”, but consideration is not a critical factor to any contractual obligations and as such,  it has to be ignored in any contract.

Critically discuss this statement, with the following requirements;

1. Five (5) applicable case laws on the subject matter.

2. State clearly

3. The issue

4. Basic Facts of the Cases

5. The Judgement

(b) With respect to the doctrine on Consideration, Past Consideration  is ‘irrelevant’

Critically discuss this statement, with the following requirements;

1. Three (3) applicable case laws on the subject matter

2. State clearly

3. The issue

4. Basic Facts of the Cases

5. The Judgement

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