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What is Understanding Consideration in Contracts about?
In medieval times, only three types of transactions were enforceable: 1) repayment of money, 2) delivery of borrowed/sold goods, and 3) performance of a written promise sealed with wax. In the 16th century, the term "assumpsit" emerged, allowing lawsuits over breached promises. This allowed contract law to develop into what we know today by making a wider range of promises enforceable. For a promise to be enforceable, consideration is required, meaning the promisee provides something in exchange for the pro
- Author
- Mati Rosenbaum
- Language
- EN