Should the "Doctrine of Consideration" be abolished?

Essay from the year 2016 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, National University of Ireland, Galway, course: Corporate Law, language: English, abstract: This essay is asking the question whether the doctrine of consideration ought to be abolished. It will argue that all that should be required for a legally binding promise is a clear intention to be bound by the terms of a promise and, perhaps, detrimental reliance on that promise by the other party. T...