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Which of the following is not the essentials of a valid consideration?
- a)Consideration must be at the desire of the promisor
- b)Consideration may move from promise or any other person
- c)Consideration may be past, present or future
- d)Consideration must be adequate
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is not the essentials of a valid consideration?...
Consideration must be adequate it is not an essential for a valid consideration bcoz there can be a situation were consideration is not adequate but if its accepted the contract is assumed to valid nd thus it ends then nd there
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Which of the following is not the essentials of a valid consideration?...
Explanation:
Consideration is an essential element of a valid contract. It refers to something of value that is exchanged between the parties to a contract. In order for consideration to be valid, it must meet certain requirements.
1. Consideration must be at the desire of the promisor:
Consideration must be given at the request or desire of the promisor. This means that the promisor must specifically ask for something in return for their promise. It cannot be given voluntarily or without the promisor's request.
2. Consideration may move from promise or any other person:
Consideration can be given by the promisee (the person to whom the promise is made) or by any other person. This means that consideration can come from someone other than the promisee, as long as it is given at the request of the promisor.
3. Consideration may be past, present or future:
Consideration can be in the past, present, or future. This means that the promise can be made in exchange for something that has already been done, is currently being done, or will be done in the future. As long as there is a mutual exchange of value, the consideration is valid.
4. Consideration must be adequate:
Consideration does not have to be of equal value to the promise made. However, it must be sufficient to support the promise. This means that the consideration must have some value, even if it is minimal. For example, a promise to give someone $1 in exchange for their car would still be considered valid consideration, even though the value of the car far exceeds the value of the $1.
Correct answer:
The correct answer is option 'D' - Consideration must be adequate. This is because consideration does not have to be of equal value to the promise made. It can be minimal or nominal, as long as it has some value. The law does not require consideration to be of a certain amount or to reflect the true value of the promise. As long as there is a mutual exchange of value, the consideration is valid.
Consideration is an essential element of a valid contract. It refers to something of value that is exchanged between the parties to a contract. In order for consideration to be valid, it must meet certain requirements.
1. Consideration must be at the desire of the promisor:
Consideration must be given at the request or desire of the promisor. This means that the promisor must specifically ask for something in return for their promise. It cannot be given voluntarily or without the promisor's request.
2. Consideration may move from promise or any other person:
Consideration can be given by the promisee (the person to whom the promise is made) or by any other person. This means that consideration can come from someone other than the promisee, as long as it is given at the request of the promisor.
3. Consideration may be past, present or future:
Consideration can be in the past, present, or future. This means that the promise can be made in exchange for something that has already been done, is currently being done, or will be done in the future. As long as there is a mutual exchange of value, the consideration is valid.
4. Consideration must be adequate:
Consideration does not have to be of equal value to the promise made. However, it must be sufficient to support the promise. This means that the consideration must have some value, even if it is minimal. For example, a promise to give someone $1 in exchange for their car would still be considered valid consideration, even though the value of the car far exceeds the value of the $1.
Correct answer:
The correct answer is option 'D' - Consideration must be adequate. This is because consideration does not have to be of equal value to the promise made. It can be minimal or nominal, as long as it has some value. The law does not require consideration to be of a certain amount or to reflect the true value of the promise. As long as there is a mutual exchange of value, the consideration is valid.
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Which of the following is not the essentials of a valid consideration?a)Consideration must be at the desire of the promisorb)Consideration may move from promise or any other personc)Consideration may be past, present or futured)Consideration must be adequateCorrect answer is option 'D'. Can you explain this answer?
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