Here's a breakdown of the key elements:
* Promisee: The person to whom the promise is made.
* Promise: The commitment to do or not do something.
* Consideration: Something of value given in exchange for the promise. This can be:
* A benefit to the promisor: The promisee giving something of value to the promisor.
* A detriment to the promisee: The promisee giving up something of value or taking on a legal obligation.
Why is this important?
This principle helps ensure that contracts are fair and binding. It prevents people from making empty promises without any real obligation.
Example:
Let's say you promise your friend a ride to the airport. Your promise is not legally binding because your friend isn't providing anything of value in return. However, if your friend agrees to pay you $20 for the ride, then your promise becomes legally binding. Your friend's payment is the consideration that "moves from the promisee" (your friend).
Exceptions:
There are some exceptions to this rule, such as:
* Past consideration: An act done before the promise is made cannot be consideration.
* Promises to pay a debt barred by the Statute of Limitations: Even without new consideration, a promise to pay a debt that is no longer legally enforceable due to the statute of limitations can be binding.
* Promises made under seal: In some jurisdictions, promises made under seal (a formal legal document) are binding without the need for consideration.
In summary:
The principle that "consideration must move from the promisee" is a crucial element in contract law. It ensures that promises are only legally binding when something of value is exchanged. This principle helps to maintain fairness and enforceability in contracts.