- 4 Marks
Question
The Contracts Act, 1960, Act 25, has modified the common law doctrine of consideration. List FOUR of the modifications.
Answer
Modifications to the Doctrine of Consideration:
- A promisor who has promised to keep his offer open for a specified period is not at liberty to withdraw the offer before the expiration of that period on the ground that the promisee has not provided any consideration for the offer.
- A creditor who promises, without receiving consideration, to forego the whole or part of a debt or to waive the performance of some other contractual or legal obligation can be held to his promise. The promise of waiver shall not be invalid as a contract by reason only of the absence of any consideration for it.
- If one is legally bound to perform a legal duty, the performance, or promise to perform that act may be sufficient consideration.
- It is possible for consideration to be supplied by someone other than the promisee. The beneficiary need not be the promisee. (Section 10 of the Contracts Act).
(4 points at 1 mark each = 4 marks)
- Tags: Consideration, Contracts, Ghana, Modifications
- Level: Level 1
- Topic: Contract Law
- Series: NOV 2016
- Uploader: Dotse