This is a complex doctrine (principle) that has inflamed arguments between leading contract scholars!
Put simply it is the act of giving or promising to give something or receiving or promising to receive something.
Contracts are not usually binding (enforceable by the court) unless
- They are made in a deed (a formal legal document) or
- They are supported by consideration
In the video below The Law Guide UK takes a look closer at the doctrine of consideration.
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