Does Consideration Fall Within the Scope of Intent of a Contract Law?
A Comparative View: USA, England and EU
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In a world that we know today Contract Law plays major role between countries and it is of a vast importance that the contracting parties would have same understanding of their rights and arising obligations from a contract made between them. This work starts with the brief historical background of the main legal systems: Common Law and Civil Law. Furthermore the introduction to the concept of Consideration and Intention is being introduced. With the help of a case law the negative and positive usage of the laws in applying these concepts will be shown. It will reveal the arising problems for ...
In a world that we know today Contract Law plays major role between countries and it is of a vast importance that the contracting parties would have same understanding of their rights and arising obligations from a contract made between them. This work starts with the brief historical background of the main legal systems: Common Law and Civil Law. Furthermore the introduction to the concept of Consideration and Intention is being introduced. With the help of a case law the negative and positive usage of the laws in applying these concepts will be shown. It will reveal the arising problems for the parties contracting internationally. Exclusion of the concept of consideration from Contract Law within the Common Law system would dissolve the incompatibility of the mandatory rules in the national legal systems and deter businesses from entering into legal relationships on the basis of the deficient understanding of the legal rules applicable to their commercial relationship. Finally,there will be a critical evaluation of Intention and Consideration importance in Contract Law.
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