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Statute of Frauds and the Doctrine of Consideration

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Statute of Frauds and the Doctrine of Consideration (1937) Cmnd 5449 was a report by the Law Revision Committee on the consideration and formality in English contract law and other areas. It did not recommend abolition of the doctrine of consideration but made a series of recommendations to overturn the existing restrictions that had been developed by some common law courts.

Overview

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The Law Revision Committee recommend the following transactions should be binding per se.

  • promises in writing
  • promises for past consideration
  • promises to accept part payments of debt to discharge the whole
  • promising to do what one is already bound to do
  • firm offers, where it is open for a period
  • promises detrimentally relied on by the promise, where the promisor should have known reliance would happen

The statute recommended passing legislation "to the effect that either the promise to pay a lesser sum or the payment of a lesser sum should discharge a greater obligation when agreed to by the creditor".[1]

See also

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References

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  1. ^ Roberts, Marcus (2017). "MWB Business Exchange Centres Ltd: The Practical Benefit Doctrine Marches On". Modern Law Review. 80 (2): 339–351. doi:10.1111/1468-2230.12257.