Consideration in UK Contract Law

The general rule in English law is that a promise will not be legally binding unless made in a deed, or supported by some form of consideration. If no deed is present, then for a contract to be held as legally binding both parties must provide consideration. The definition of consideration was considered and defined by Lord Dunedin in Dunlop v Selfridge Ltd [1915] AC 847, as follows: "An act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is b...
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