Abstract
It is often regarded as axiomatic that contracts are the product of an agreement between contracting parties and that the marrow of all contractual relationships is the notion of exchange and mutual benefit. Most modern contracts are bilateral in nature which suggests a mutual exchange of promises in content. However, this then raises the question of which promises create legal obligations which can be said to be reciprocal and thus enforceable.
Given that the doctrine of consideration stems from English law and that South Africa is a mixed legal system, this research paper is primarily aimed exploring the core essence of the doctrine of consideration and its applicability within the South African legal system.
In an attempt to explore the positioning of the doctrine of consideration in the South African legal system, the study will explore the historical development, the exposition of notions, sub-principles and theories upon which the doctrine of consideration is founded on. This research paper is a doctrinal study as multiple judicial decisions, journal articles and relevant textbooks, related to the topic of consideration, will be explored.