The law of contract: consideration
3 important questions on The law of contract: consideration
Part payment of debt is not sufficient consideration
- Part payment at an earlier date
- part payment at a different place
- some goods or other material benefit to accompany the part payment
Exceptions to the rule of privity
- agency
- third-party insurance
- assignment of contractual rights
- trusts
- collateral contracts
- contracts for the benefit of a group
What are the exceptions to the rule of privity:
- The act was done in response to a specific request
- The situation was one where payment would normally be expected
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