Humanities/Arts Exam > Humanities/Arts Questions > Which of the following is correct?a)Past cons...
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Which of the following is correct?
- a)Past consideration is no consideration.
- b)Consideration can be in the past, present or future.
- c)Consideration can only be in the present.
- d)Consideration can only be in the future.
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is correct?a)Past consideration is no considera...
Promise can be made for the past consideration, present consideration and future consideration.
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Which of the following is correct?a)Past consideration is no considera...
Understanding Consideration in Contracts
Consideration is a fundamental concept in contract law, serving as the value that motivates parties to enter into an agreement. The correct answer to the question is option 'B': *Consideration can be in the past, present, or future.* Here’s a detailed explanation:
What is Consideration?
- Consideration refers to something of value that is exchanged between parties in a contract.
- It can take various forms, including money, services, goods, or a promise to refrain from a specific action.
Types of Consideration
- Past Consideration: This refers to something that has already been provided or performed before the contract is made. While generally not valid for enforcing a new agreement, past consideration can sometimes be recognized if it was given at the request of the other party and was understood as a basis for a future promise.
- Present Consideration: This occurs when the exchange happens simultaneously with the contract formation. For example, paying for a product at the time of purchase.
- Future Consideration: This is when a promise is made for something to be done or provided in the future, such as a service to be rendered later in exchange for payment.
Legal Implications
- The distinction of consideration being in the past, present, or future highlights the flexibility within contract law.
- While past consideration is often considered insufficient for a new contract, it does not negate the existence of consideration in the broader sense.
In summary, option 'B' is correct because consideration can indeed exist in various timeframes, allowing for diverse contractual agreements.
Consideration is a fundamental concept in contract law, serving as the value that motivates parties to enter into an agreement. The correct answer to the question is option 'B': *Consideration can be in the past, present, or future.* Here’s a detailed explanation:
What is Consideration?
- Consideration refers to something of value that is exchanged between parties in a contract.
- It can take various forms, including money, services, goods, or a promise to refrain from a specific action.
Types of Consideration
- Past Consideration: This refers to something that has already been provided or performed before the contract is made. While generally not valid for enforcing a new agreement, past consideration can sometimes be recognized if it was given at the request of the other party and was understood as a basis for a future promise.
- Present Consideration: This occurs when the exchange happens simultaneously with the contract formation. For example, paying for a product at the time of purchase.
- Future Consideration: This is when a promise is made for something to be done or provided in the future, such as a service to be rendered later in exchange for payment.
Legal Implications
- The distinction of consideration being in the past, present, or future highlights the flexibility within contract law.
- While past consideration is often considered insufficient for a new contract, it does not negate the existence of consideration in the broader sense.
In summary, option 'B' is correct because consideration can indeed exist in various timeframes, allowing for diverse contractual agreements.
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Which of the following is correct?a)Past consideration is no consideration.b)Consideration can be in the past, present or future.c)Consideration can only be in the present.d)Consideration can only be in the future.Correct answer is option 'B'. Can you explain this answer?
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