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Consideration in India may be:
- a)Past, present or future
- b)Present only
- c)Past only
- d)Future only
Correct answer is option 'A'. Can you explain this answer?
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Consideration in India may be:a)Past, present or futureb)Present onlyc...
Consideration in India - Explained
Consideration is a crucial element of a valid contract. It is the price that one party pays for the promise or performance of the other. In India, consideration can be past, present, or future. Let's understand this in detail.
Meaning of Consideration
Consideration is the price that one party pays for the promise or performance of the other in a contract. It is something of value that is given or promised by one party in exchange for something of value given or promised by the other party.
Types of Consideration
In India, consideration can be of three types:
1. Past Consideration: When a party promises to do something that he has already done, it is called past consideration. For example, if A promises to pay B Rs. 500 for the services B provided him a month ago, it is a case of past consideration.
2. Present Consideration: When a party promises to do something in exchange for something that the other party is doing at the same time, it is called present consideration. For example, if A promises to pay B Rs. 500 for designing a logo for him, and B is doing the work at that time, it is a case of present consideration.
3. Future Consideration: When a party promises to do something in exchange for something that the other party will do in the future, it is called future consideration. For example, if A promises to pay B Rs. 500 for designing a logo for him, and B is going to do the work in the future, it is a case of future consideration.
Importance of Consideration in India
Consideration is an essential element of a valid contract in India. A contract without consideration is void. It is because, without consideration, a contract would be a mere promise, and not a legal obligation.
Conclusion
In conclusion, consideration is the price that one party pays for the promise or performance of the other in a contract. In India, it can be past, present, or future. Consideration is an essential element of a valid contract in India, and a contract without consideration is void.
Consideration is a crucial element of a valid contract. It is the price that one party pays for the promise or performance of the other. In India, consideration can be past, present, or future. Let's understand this in detail.
Meaning of Consideration
Consideration is the price that one party pays for the promise or performance of the other in a contract. It is something of value that is given or promised by one party in exchange for something of value given or promised by the other party.
Types of Consideration
In India, consideration can be of three types:
1. Past Consideration: When a party promises to do something that he has already done, it is called past consideration. For example, if A promises to pay B Rs. 500 for the services B provided him a month ago, it is a case of past consideration.
2. Present Consideration: When a party promises to do something in exchange for something that the other party is doing at the same time, it is called present consideration. For example, if A promises to pay B Rs. 500 for designing a logo for him, and B is doing the work at that time, it is a case of present consideration.
3. Future Consideration: When a party promises to do something in exchange for something that the other party will do in the future, it is called future consideration. For example, if A promises to pay B Rs. 500 for designing a logo for him, and B is going to do the work in the future, it is a case of future consideration.
Importance of Consideration in India
Consideration is an essential element of a valid contract in India. A contract without consideration is void. It is because, without consideration, a contract would be a mere promise, and not a legal obligation.
Conclusion
In conclusion, consideration is the price that one party pays for the promise or performance of the other in a contract. In India, it can be past, present, or future. Consideration is an essential element of a valid contract in India, and a contract without consideration is void.
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Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer?
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Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer?.
Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consideration in India may be:a)Past, present or futureb)Present onlyc)Past onlyd)Future onlyCorrect answer is option 'A'. Can you explain this answer?.
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