Currie v. Misa
(1875) LR 10 Ex 153, Court of Exchequer (England), 1875
This case gave a classic definition of consideration: some benefit to one party, or some loss or detriment suffered by the other.
Consideration
Concept
Consideration is what each party gives or promises in exchange for the other side's promise. It is the price of the promise.
It need not be adequate, but it must have some value in the eyes of the law. In some legal systems, consideration may be provided by a third person rather than the promisee.
It need not be adequate, but it must have some value in the eyes of the law. In some legal systems, consideration may be provided by a third person rather than the promisee.
Case laws
Chinnaya v. Ramayya
(1882) ILR 4 Mad 137, Madras High Court, 1882
A mother gifted property to her daughter on the condition that the daughter pay an annual sum to the mother's sister. The court held the daughter was bound, since consideration can come from a third person.