Across
- 4. Consideration consisting of a promise yet to be performed (a promise for a promise).
- 7. Defined as the "price paid" for the promise of the other party. It must be something of value, such as a right, interest, or benefit for one party, or a detriment or loss suffered by the other.
- 9. A promise to meet the obligations of another person if they fail to do so. This is a specific type of contract that the law requires to be evidenced in writing to be enforceable.
- 10. Describes a contract that is prima facie (at first sight) valid but cannot be enforced due to a technical defect. A primary example given is a verbal contract that is required by statute to be evidenced in writing but is not.
Down
- 1. Refers to any contract that is not a formal contract (a deed). Crucially, all simple contracts require consideration to be legally valid.
- 2. An equitable doctrine applied when a person makes a promise intended to be acted upon, and the promisee acts on it in a reasonable way. In such cases, the promisor cannot "resile" (go back) from that promise if it would be unfair to the promisee, even if the promisee provided no consideration.
- 3. In a modern context, this refers to a formal signature used in the execution of a deed.
- 4. Consideration that has already been carried out or performed by one party.
- 5. A written document that is signed, sealed, and delivered, or expressly stated to be a deed.
- 6. A contract written in a specific recognized form, typically called a deed. Unlike simple contracts, a formal contract does not require consideration because it derives its validity from its form (being signed, dated, and witnessed).
- 8. Refers to the requirement that consideration must have some recognized legal value to the promisor. It is noted that consideration needs only to be sufficient, not necessarily adequate (of equal market value).