Analysis Of The Master Of Fair Weather Essay
Is Bill Smith shown consideration by the Master of Fair Weather? Is TransPacific shipping Co Ltd Legally liable to pay Smith the 50% premium for sailing back to New Zealand on the Fair Weather voyage?
In order for consideration to be valid, either something must be given up from the promisee or the promisor must make a benefit from the offer. If this occurs there will be a legal contract between the two parties (Hubbard, Thomas & Varnham, 2013). If a contract already exists can an individual offer a new contract? A change in a contract means a change in the terms that were agreed and therefore the executory consideration must be adjusted. For the law of contract to occur an enforceable contract must be made.
Hubbard, Thomas and Varnham (2013) define executory Consideration is where a promise is exchanged for an act that will arise at a future date. The Master offers the new contract to Smith in San Francisco. Smith accepts the contract for staying on the voyage back to Auckland. The new Consideration is considered an executory consideration, as smith still needs to fulfill the Master’s new offer in the future. There are now legal relations between Smith and the Master.
The case Stilk v. Myrick is very similar to the Bill Smith and the Master. The case states that the Ship was sailing from London to Baltic and back to London. In Baltic, the defendant promised to divide the wages if they agreed to work on the ship on the way back to London. It was…