Which of the following are examples of consideration? Consideration may be a benefit to the promisor, a detriment to the promisee, a promise to do something, or a promise to refrain from doing something.
Anything of value promised by one party to the other when making a contract can be treated as "consideration": for example, if A signs a contract to buy a car from B for $5,000, A's consideration is the $5,000, and B's consideration is the car.
It can be Past, Present or Future. It is not necessary that Consideration must be adequate. Consideration must be Real and Not Illusory or Impossible. It must be Lawful.Mar 1, 2021
Bribe is not a valid consideration for a contract. Bribery is the act of giving or receiving something of value in exchange for some kind of influence or action in return, that the recipient would otherwise not offer.
Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract. business law.
The various types of consideration are (1) a promise, (2) an act other than a promise, (3) forbearance, (4) a change in a legal relation of the parties, (5) money, or (6) other property.
Consideration should contain payment of money, some act, abstinence or promise. For a consideration to be valid there must be a promise from both sides. This means that there must be a promise by one party against the promise of the other party.
The court in the case of Currie v Misa defined consideration as a right, interest, profit, detriment, loss, or responsibility. Its main characteristic is that the promissor must give a promise of something that is of value, and the promisee must give something of value in exchange.
Consideration must be at the desire of the promisor.Consideration may move from promise or any other person.Consideration may be past, present or future.Consideration must be adequate.
Adequate consideration means the reasonable value of the goods or services received in exchange for transferred property approximates the reasonable value of the property transferred.
n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.
(v) It may be past, present or future which the promisor is already not bound to do: According to Indian Law Consideration may be past, present or future. But under English Law Consideration may be present or future. Past consideration is no consideration according to English Law.