More than a side-wind: rethinking the consideration requirement in Commonwealth contract law

Abstract

ABSTRACT In the common law tradition, it has long been the case that a contract not backed by consideration is no contract at all. But this rule has been slowly washed away in various contexts, especially contract modifications, in various Commonwealth jurisdictions. In response to these developments, we argue that the consideration requirement has outlived its purpose and that it is time for it to be formally retired. We identify its purpose as ensuring fairness, voluntariness, and the integrity of consent, and we demonstrate that a collection of doctrinal tools have become increasingly available in recent years to fulfil this purpose. We conclude by discussing some of the harms that the consideration requirement causes. Since it does no good and causes some harm, it is time for it to go.