Discuss why past consideration cannot be consideration for a promise under Contract Law. Discuss fully. Please remember to list your references.
According to Lord Dunedin in Dunlop v Selfridge (1915), consideration is “an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable”. Thus, consideration may be viewed as a sort of bargain, or price which one party pays to buy the promise or act of the other. The focus of this essay will be to highlight whether the consideration of the past agreement between two parties should hold water under contract law or not. As such a critical analysis will be given on the same.