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Consideration - Contract, Business Law Video Lecture | Business Law - B Com
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33 videos|59 docs|18 tests
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FAQs on Consideration - Contract, Business Law Video Lecture - Business Law - B Com
| 1. What is consideration in contract law? |  |
Ans. Consideration is the value that each party in a contract agrees to provide to the other party. It could be in the form of money, goods, services, or anything else that has value. It is one of the essential elements of a legally binding contract. Consideration must be legally sufficient, meaning that it must be something of value, and it must be bargained for, meaning that each party must agree to give something in exchange for the other party's consideration.
| 2. Can consideration be past or future? | |
Ans. Consideration must be present or executed at the time of the contract's formation. It cannot be past consideration because it would mean that the party is obligated to perform a duty that they have already done, which does not provide them with any incentive to enter into the contract. However, consideration can be future, meaning that the party promises to perform a duty in the future in exchange for the other party's present consideration.
| 3. What happens if there is no consideration in a contract? | |
Ans. If there is no consideration in a contract, the contract is not legally binding. Both parties must agree to provide something of value in exchange for the other party's consideration. Without consideration, there is no incentive for either party to enter into the contract, which makes it unenforceable.
| 4. Can consideration be nominal or inadequate? | |
Ans. Consideration must be legally sufficient, meaning that it must have some value. However, it does not have to be adequate. Nominal or inadequate consideration may be sufficient if it is something that the parties have agreed to. For example, if a seller agrees to sell a car for $1, the consideration may be nominal, but it is still legally sufficient.
| 5. What is the effect of lack of consideration on a contract? | |
Ans. If a contract lacks consideration, it is not legally binding. The parties must agree to provide something of value in exchange for each other's consideration to make the contract enforceable. Without consideration, the contract is void, and the parties are not obligated to perform their duties under the contract.
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Nov 15, 2024 Last updated |
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