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1、IntroductionSomethingofvaluemustbeprovidedbyeachpartytothecontractinordertoinducetheothertosignthecontract.ThisexchangeofvaluecanbecalledconsiderationinthefieldofLaw・Thevalueexchangedcantaketheformofmoney,physicalobjects,services,promisedactions,enduraneefromafutur
2、eaction,andmuchmore(Beatson,2002,p88).Thepurposeofthisessayistofindoutwhyconsiderationisimportantincontractandwhetherthereisanyalternativeforit.Theessayisorganisedasfollows:thedefinitionofconsideration,therulesofconsideration,theimportanceofconsiderationanditsrelat
3、ionshipwiththepromissoryestoppel.Whatismainlyarguedinthisessayisthatconsiderationplaysanindispensableroleincontractdespitesomeproblemsithasanditcannotbereplacedbyotherdoctrineslikepromissoryestoppel(Mayne,2009,p4).MainBody1.DefinitionAccordingtoCurrievMisa(1875),co
4、nsiderationwasdefinedas:avalidconsiderationisconsistedofeitheralosstothepromiseeorabenefittothepromisor.However,thisdefinitionhassomedeficiencieswhencontractsarebasedjustonanexchangeofpromises.Forinstance,ifApromisestobuyacarfromBfor£2000andBpromisestosellthecartoA
5、for£2000,theconsiderationinthiscontractpresentsitselfbytheexchangeofpromises.Thedefinitionthusbecomesmeaningless.Therefore,apreferabledefinitionwassummedupbySirFrederickPollock(1950):“Anactorforbearanceofoneparty,orthepromisethereof,isthepriceforwhichthepromisesoft
6、heotherisbought,andthepromisesthusgivenforvalueisenforceable."ThisdefinitionwasapprovedtobemorerepresentativethantheconceptofbenefitandlossbytheHouseofLords(citedinRichards,2011,p.61-62).2.TherulesofconsiderationAlthoughthedefinitionofconsiderationisdirectandsimple
7、,itiswrongtoregarditasasinglecoherentprinciple.Actuallythedoctrineofconsiderationasweknowtodayismadeupofaseriesofsub-principlesandtheirexceptions(Richards,2011,p.62).Thesub-principlescanbedividedintothreemaincategoriesasbelow(McKendrick,1998,p.86).(1).Consideration
8、canbeexecutedorexecutorybutitcannotbepast(Richards,2011,p62).(2).“Considerationmustmovefromthepromisee”(Beatson,2002,p95).(3).Considerationmustbe
