State six rules governing consideration in a contract.
- Mutual love and affection is not sufficient consideration
- Consideration must be legal
- Consideration must not be past
- Consideration must be real
- Consideration must flow from the plaintiff/promisee
- Consideration must be something in excess of an existing public duty
- Consideration must be something in excess of an existing contractual obligation
- Remedies for breach of contract
- Damages-Damages are monetary compensation allowed to the injured partyfor the loss or injury suffered him as a result of the breach of contract
- Specific performance-This is an equitable remedy. It means the actual carrying out of the contract as agreed.
- Rescission-Where there is a breach of contract one party the other party may rescind the contract and need not perform their part of obligations under the contract.