Business Law

NAMEUNIVERSITYTITLECODETHE DOCTRINE OF CONSIDERATION : THE CONCEPT OF PROMISSORY ESTOPPELThe law of set out is that branch of the law that determines the circumstances in which a announce shall be legally binding on the person making it . This thesis is therefore 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 declaration or assurance made to a nonher person , stating that a plastered state of affairs exists or that the maker will do or refrain from some specified act , therefrom conferring on that other person a right to consider the fulfillment of such declaration . It therefore , involves two parties at least one making the advance and the other receiving a promise to that effect . The reason thus confers rights in personam operable only against a particular person . A promise is therefore construed to be more than than a mere parameter of intention for it imports a willingness on the part of the promisor to be bound to the person with whom he is contracting . The intention of the parties essential therefore be to create an obligation between them , which is non merely a moral , or social scarce a legal obligation . A promise on the other hand is more than a mere offer to perform some particular act . It must subscribe 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 thought of consensus ad idem . The essence of a contract revolves around the meeting of the wills of the parties in replete(p) and final agreement thus there admit 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 bargaining 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 external 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 reliance 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 conduct of the parties . accord to Pollock then consideration is thus normally seen in this concept as a detriment or distress to the promisee and therefore accords well with this doctrine in instances of informal 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: Orderessay

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