Statute of Frauds and the Doctrine of Consideration

The Law Revision Committee recommend the following transactions should be binding per se.

• promises in writing
• promises for past consideration
• promises to accept part payments of debt to discharge the whole
• promising to do what one is already bound to do
• firm offers, where it is open for a period
• promises detrimentally relied on by the promise, where the promisor should have known reliance would happen

The statute recommended passing legislation "to the effect that either the promise to pay a lesser sum or the payment of a lesser sum should discharge a greater obligation when agreed to by the creditor".^[1]

• English contract law
• English trusts law