Legal consideration presumes the exchange of several valuables in terms of a legally binding contract. Due to various political reasons, numerous courts are able to enforce several types of promises, even if they may not be considered (McKendrick, 2020). There are different types of commitments that can be executed without consideration in accord with the common law or statute.
Primarily, part consideration typically lacks cogency to support any promise. When this consideration is passed, the court views it not as a bargaining subject but rather the act as presumed consideration at the time of bargain (Eisenberg, 2018). For instance, Mr. Lawrence lost his wallet near the local parking, and the neighbor found it. Mr. Lawrence receives back his wallet and is looking forward to rewarding the savior, promising them a twenty-dollar bill. Yet, when the neighbor comes to get his reward, Mr. Lawrence suggests that ten dollars would be an appropriate amount of money to give. It implies that even though Mr. Lawrence was supposed to pay them more, there is no legal consideration for it. The neighbor suffered no legal damage; they found a wallet before the promise; hence, past considerations were invalid to support the contract since there were no negotiations. Nonetheless, further review based on the first broken promise may be valid under certain circumstances.
The other kind of promise that can be enforced without consideration is a promise revived after the statute of limitations has passed. The statute of limitations demands that a lawful claim be filed within a specified period. For instance, some states require that a contract lawsuit be filled and applied within six years; the claim is dismissed if the plaintiff does not do it (McKendrick, 2020). When the statute of limitations expires, it is considered that it “has expired.” Yet, if the debtor decides to renew the contract or make expired payments as per the statute of limitations, their promise is binding under common law, even though it should not be considered. For example, the plaintiff may pretend they lost the contract and fill it in again to enforce their promise.
Moral obligation also refers to this type of promise under certain circumstances. It provides for the following in section 86: “a promise made in recognition of a benefit previously received by the promisor from the promisee is binding to the extent necessary to prevent injustice” (Grossman & Zacks, 2019, p. 657). If the debtor gave something as a present or merely because they wanted to do it, the promise maker was not unfairly enriched. For instance, the CEO of a multinational company had a heart attack at the airport, and a passing woman provided first aid. Later at the hospital, he promised to pay $10,000 to that lady for saving him. However, the promise was made without signing a contract, which means that there is no legal obligation to give her the money, but there is a moral one.
Finally, several promises that could be considered valid may be challenged by the promisor for various reasons, including fraud, coercion, or errors. However, the voidable contract cannot momentarily become invalid, especially when the person renewed their promise (Eisenberg, 2018). For example, a fourteen-year-old Mary buys a dress from her neighbor Mrs. Kelly, promising to pay her thirty dollars. Mary could have repudiated the contract, yet she renews it at the age of eighteen; hence, the promise is enforceable.
References
Eisenberg, M. (2018). Foundational principles of contract law. Oxford University Press.
Grossman, N., & Zacks, E. (2019). Contracts in context: From transactions to litigation. Wolters Kluwer Law & Business.
McKendrick, E. (2020). Contract law: Text, cases, and materials (9th Ed.). Oxford University Press.