1. 'The law of contract should aim to provide as much clarity and certainty as possible, but the law relating to the implication of contractual terms is excessively vague and unclear.' Discuss the validity of this statement
2. In respect to the rules regarding consideration, under what circumstances will past consideration, if ever, be deemed to be good consideration?
3. How would you define the term 'consideration'? In your answer also explain the distinction between executed consideration, executory consideration and past consideration.
4. How is consideration distinguished from motive in respect to contractual promises?
5. Catherine promised her still minor son, Lawrence that if he refrained from smoking and drinking until he was 21, that she would buy him a Black BMW. Lawrence has just turned 21 but Catherine refuses to buy the Black BMW, saying that Lawrence not smoking or drinking has been good for his finances as he has some savings and more importantly his health.
6. In what instances will a forbearance to sue be deemed to be 'good' consideration?
7. What is meant by the following terms of consideration and how to they differ: (a) acts, promises and forbearances in performance of an existing duty; and (b) acts, promises and forbearances in discharge of an existing duty?
8. Angelina promised her son Bruno, that in consideration for his love and affection that she will provide him with an annual allowance of ($20000). After Angelina had a falling out with Bruno's new wife Claudia, Angelina told her son that there will be no further payments and that she never wanted to see them again. Explain to Bruno, taking into account relevant legal principles whether he can enforce the future payments owed to him by his mother, Angelina?
9. Describe a circumstance whereby a payment of a lesser amount will fail to discharge a debt, despite a creditor's promise to accept the lesser amount in full satisfaction of the debt?
10. State some of the criteria which must be satisfied in order for 'past' consideration to in fact, be 'good consideration'?