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Which of the following are legal requirement of a valid consideration?
- a)It must move at the desire of the promisor
- b)It must be lawful
- c)It must be real and not illusory
- d)It needs to be adequate
Correct answer is option 'A,B,C'. Can you explain this answer?
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Which of the following are legal requirement of a valid consideration?...
Legal Requirements of a Valid Consideration:
There are several legal requirements that must be fulfilled for a consideration to be considered valid. These requirements ensure that the consideration is enforceable in a contract. The legal requirements of a valid consideration include:
A. It must move at the desire of the promisor:
- The consideration must be given in response to a request or desire of the promisor.
- It should be provided voluntarily and not under any duress or coercion.
B. It must be lawful:
- The consideration must not involve any illegal activities or go against public policy.
- It should be in compliance with the laws and regulations governing the jurisdiction.
C. It must be real and not illusory:
- The consideration must have some value or benefit to both parties involved.
- It should not be illusory or based on a mere promise without any commitment or obligation.
D. It needs to be adequate:
- While adequacy of consideration is not a strict requirement, it is generally expected that the consideration should be fair and reasonable.
- However, the courts usually do not examine the adequacy of consideration unless there are elements of fraud, undue influence, or unconscionability involved.
In summary, a valid consideration must move at the desire of the promisor, be lawful, real and not illusory, and does not necessarily need to be adequate. These requirements ensure that the consideration is legally binding and enforceable in a contract.
There are several legal requirements that must be fulfilled for a consideration to be considered valid. These requirements ensure that the consideration is enforceable in a contract. The legal requirements of a valid consideration include:
A. It must move at the desire of the promisor:
- The consideration must be given in response to a request or desire of the promisor.
- It should be provided voluntarily and not under any duress or coercion.
B. It must be lawful:
- The consideration must not involve any illegal activities or go against public policy.
- It should be in compliance with the laws and regulations governing the jurisdiction.
C. It must be real and not illusory:
- The consideration must have some value or benefit to both parties involved.
- It should not be illusory or based on a mere promise without any commitment or obligation.
D. It needs to be adequate:
- While adequacy of consideration is not a strict requirement, it is generally expected that the consideration should be fair and reasonable.
- However, the courts usually do not examine the adequacy of consideration unless there are elements of fraud, undue influence, or unconscionability involved.
In summary, a valid consideration must move at the desire of the promisor, be lawful, real and not illusory, and does not necessarily need to be adequate. These requirements ensure that the consideration is legally binding and enforceable in a contract.
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Which of the following are legal requirement of a valid consideration?a)It must move at the desire of the promisorb)It must be lawfulc)It must be real and not illusoryd)It needs to be adequateCorrect answer is option 'A,B,C'. Can you explain this answer?
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