Statute of Frauds and the Doctrine of Consideration
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Statute of Frauds and the Doctrine of Consideration (1937) Cmnd 5449 was a report by the Law Revision Committee on the consideration and formality in English contract law and other areas. It did not recommend abolition of the doctrine of consideration but made a series of recommendations to overturn the existing restrictions that had been developed by some common law courts.
Overview
[edit]The Law Revision Committee recommend the following transactions should be binding per se.
- promises in writing
- promises for past consideration
- promises to accept part payments of debt to discharge the whole
- promising to do what one is already bound to do
- firm offers, where it is open for a period
- promises detrimentally relied on by the promise, where the promisor should have known reliance would happen
The statute recommended passing legislation "to the effect that either the promise to pay a lesser sum or the payment of a lesser sum should discharge a greater obligation when agreed to by the creditor".[1]
See also
[edit]References
[edit]- ^ Roberts, Marcus (2017). "MWB Business Exchange Centres Ltd: The Practical Benefit Doctrine Marches On". Modern Law Review. 80 (2): 339–351. doi:10.1111/1468-2230.12257.