The essential
nature of "consideration" in contract is evolving from the
procedural requirements for the action of assumpsit. Consideration
may consist in mutual promises, a precedent debt, or a detriment
incurred by one who has simultaneously received a promise related
to the detrimental action. Consideration must be something, an
act, or forbearance of an act that is of value. For instance,
forbearance to sue a worthless claim is not consideration.
The abstract concept of contract as an agreement between two
parties which is supported by consideration is developing as the
number of various agreements that are court enforceable expands.
For instance the word "consideration" is used in Hayward's Case in
1595 in the Court of Wards on the construction of a deed. Sir
Rowland Hayward was seised in fee of the Doddington manor and
other lands and tenements, whereof part was in demesne, part in
lease for years with rents reserved, and part in copyhold, by
indenture, "in consideration of a certain sum of money" paid to
him by Richard Warren and others, to whom he demised, granted,
bargained and sold the said manor, lands and tenements, and the
reversions and remainders of them, with all the rents reserved
upon any demise, to have and to hold to them and their assigns,
presently after the decease of Sir Rowland, for the term of 17
years. It was held that the grantees could elect to take by
bargain and sale or by demise, each of which had different
consequences.
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