8/22/2023

LW2602A/LW5602A Law of Contract I

Formation II:
Consideration
Prof Alexander Loke
School of Law
City University of Hong Kong

September 2023

Elements for the formation of an

enforceable contract
1. Offer and acceptance
2. Consideration
3. Intention to enter into legal relations
4. Formalities

1
 8/22/2023

What is consideration?
“[A] valuable consideration, in the sense of the
law, may consist either in some right, interest,
profit or benefit accruing to one party, or some
forbearance, detriment, loss or responsibility
given, suffered or undertaken by the other.”
Currie v Misa (1875)

How much for the panda?

$20,000