The boy said he would prefer the jewel back, so the apprentice gave it to him, but without the stones. Lord Chief Justice Pratt ruled that even though the boy could not be said to own the jewel, he should be considered the rightful keeper (“finders keepers”) until the original owner is found. In fact the apprentice and the boy both had a right of possession in the jewel , but the boy’s possessory interest was considered better, because it could be shown to be first in time. Consideration indicates the fact that all parties to a contract have exchanged something of value. Some common law systems, including Australia, are moving away from the idea of consideration as a requirement. The idea of estoppel or culpa in contrahendo, can be used to create obligations during pre-contractual negotiations.
In developing the common law, academic writings have always played an important part, …