Business Law

NAMEUNIVERSITYTITLECODETHE DOCTRINE OF CONSIDERATION : THE CONCEPT OF PROMISSORY ESTOPPELThe rectitude of counterbalance out is that branch of the law that determines the circumstances in which a announce shall be legally binding on the someone making it . This thesis is thitherfore going to analyze how the law secures to the securee the pleasure of the expectations created by the promiseA promise according to William Anson1 is a resolving power or assurance made to a nonher person , stating that a plastered state of affairs exists or that the maker willing do or refrain from some specified shape , therefrom conferring on that a nonher(prenominal) person a recompense to consider the fulfillment of lots(prenominal) declaration . It therefore , involves deuce parties at least one making the advance and the other recei ving a promise to that effect . The undercoat thus confers rights in personam operable only against a particular person . A promise is therefore cons receivedd to be more than than a unmingled parameter of purpose for it imports a willingness on the part of the promiser to be bound to the person with whom he is contracting . The intention of the parties essential therefore be to create an pact amongst them , which is non merely a moral , or social odd a legal obligation . A promise on the other hand is more than a mere sally to perform some particular act . It must accept to been accepted by the promisee It is worth noting that a promise that has not been accepted has no legal validityThis brings to question the school of fancy of consensus ad idem . The essence of a contract revolves around the merging of the wills of the parties in replete(p) and final agreement thus there suit be the existence of consensus ad idem .

The practice of this doctrine is that though the freedom of contract is a reasonable social holy person it is so only to the extent that equality of bargain supply between contracting parties is assumed and no such injuries be done to the economic interests of the communities at large2 . Secondly the reason for the consensus doctrine is that parties to contract show that in addition to foreign phenomenon of agreement , the parties consented to be bound and that such consent was true , full and free3 therefore if these conditions are not fulfilled there is no consensus ad idem4 . With the short comings identified by pollack it has been argued that a more objective look that of injurious c ombine as practiced in the United States should act as the bench mark in determining contractual obligation . This present places little emphasis on consensus but much more upon legal expectation aroused by the acquit of the parties . accord to Pollock then consideration is thus usually seen in this concept as a detriment or distress to the promisee and therefore accords well with this doctrine in instances of unaffixed contractsReciprocity in contracts especially those that are not under seal is unavoidable and such requirement as observed by Pollock can only be maintained by the...If you wish to get a full essay, order it on our website: OrderCustomPaper.com

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