Heresy: Consideration not needed in contracts
February 2003
Historically, consideration generally had to pass between parties before there could be a binding contract (eg: a sum of money had to be paid for purchase of the car, even if that sum of money was much less than the true value of the car). A 2002 case has turned this on its head, particularly in the context of variation of contracts. This can have implications in the IT sector such as in relation to post-contract amendments, change control and so on. Last updated: Tuesday 21st November 2006
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