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Which of the following statement is false? Consideration:
- a)Must move at the desire of the promisor.
- b)May move from any person.
- c)Must be illusory.
- d)Must be of some value
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following statement is false? Consideration:a)Must move a...
Explanation:
Consideration is an essential element of a valid contract. It refers to something of value given by both parties to a contract that induces them to enter into the agreement. In this context, the false statement is as follows:
Must be illusory
- Consideration must not be illusory, meaning it must be real and definite. It cannot be based on a false promise or a vague notion.
- For a contract to be enforceable, the consideration exchanged must have some value in the eyes of the law.
- Illusory consideration would render the contract voidable as it lacks mutuality and does not represent a true exchange.
Therefore, the statement that Consideration must be illusory is false. Instead, consideration must be real, tangible, and of some value to be valid in a contract.
Consideration is an essential element of a valid contract. It refers to something of value given by both parties to a contract that induces them to enter into the agreement. In this context, the false statement is as follows:
Must be illusory
- Consideration must not be illusory, meaning it must be real and definite. It cannot be based on a false promise or a vague notion.
- For a contract to be enforceable, the consideration exchanged must have some value in the eyes of the law.
- Illusory consideration would render the contract voidable as it lacks mutuality and does not represent a true exchange.
Therefore, the statement that Consideration must be illusory is false. Instead, consideration must be real, tangible, and of some value to be valid in a contract.
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Community Answer
Which of the following statement is false? Consideration:a)Must move a...
Consideration's meaning must be certain.it must not be illusionary.
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Which of the following statement is false? Consideration:a)Must move at the desire of the promisor.b)May move from any person.c)Must be illusory.d)Must be of some valueCorrect answer is option 'C'. Can you explain this answer?
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Which of the following statement is false? Consideration:a)Must move at the desire of the promisor.b)May move from any person.c)Must be illusory.d)Must be of some valueCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the following statement is false? Consideration:a)Must move at the desire of the promisor.b)May move from any person.c)Must be illusory.d)Must be of some valueCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statement is false? Consideration:a)Must move at the desire of the promisor.b)May move from any person.c)Must be illusory.d)Must be of some valueCorrect answer is option 'C'. Can you explain this answer?.
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