Statute of Frauds and the Doctrine of Consideration explained

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

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

• English contract law
• English trusts law

Notes and References

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