Currie v Misa (1876) established that a valid contract requires an exchange of value. The decision clarified that consideration must be something of legal benefit or detriment.
Definition of Consideration: The court established that consideration in a contract must involve a benefit to one party or a detriment to the other, forming a fundamental principle in contract law. The principle of consideration has been widely accepted and applied in contract law. It has provided a framework for determining the enforceability of promises and has contributed to developing the law of contracts.
