Ratio Decidendi
Valuable consideration in the sense of the law may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss, or responsibility, given, suffered, or undertaken by the other.
Facts
The case concerned a bill of exchange and the question of whether the holder had given valuable consideration for it.
Judgment Summary
Lush J provided the classic definition of consideration that has been adopted as the standard formulation in English contract law. The court held on the facts that consideration had been provided.
Key Quotes
"A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other."
— Lush J
Subsequent Treatment
Classic and most frequently cited definition of consideration in English law.