UWI OPEN CAMPUS -MGMT2021 - Business Law

Consideration can be definedas "something of value in the eye's ofthe law", but consideration is not a critical factor factor to any contractual obligations and as such, it has to be ignored in any contract.

Critically discuss this statement, with the following Five (5) applicable case laws on the subject matter below for each cases:

1. State clearly:

The issue

Basic facts of the Cases

The Judgement

Case #1. The defendant was charged with the theft of a mare. The mare had been left in the care of the defendant by the owner, with the agreement that the defendant would return the mare when the owner had paid the defendant a certain sum of money. The owner never paid the defendant, and the defendant sold the mare.

Case#2. The defendant agreed to pay the plaintiff a sum of money if the plaintiff would procure the defendant's election as a member of parliament. The plaintiff procured the defendant's election, but the defendant refused to pay the plaintiff.

Case#3. The defendant agreed to sell his house to the plaintiff. The parties agreed that the plaintiff would pay the defendant a deposit of 10% of the purchase price, and the balance would be paid on completion of the sale. The sale was not completed, and the plaintiff sued the defendant for the return of the deposit.

Case#4. The plaintiff agreed to sand and varnish the floors of the defendant's property. The parties agreed that the plaintiff would be paid a certain sum of money for each floor that he sanded and varnished. The plaintiff completed the work, but the defendant refused to pay him.

Case#5. The defendant agreed to sell his car to the plaintiff. The parties agreed that the plaintiff would pay the defendant a deposit of 10% of the purchase price, and the balance would be paid on completion of the sale. The sale was not completed, and the plaintiff sued the defendant for the return of the deposit.