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FAQs on Mind Map: Consideration - Business Laws for CA Foundation
| 1. What is the concept of consideration in contract law? |  |
Ans. Consideration in contract law refers to something of value that is exchanged between parties when forming a contract. It can be a benefit to one party or a detriment to another. The essence of consideration is that it must be lawful, real, and must move from the promisee, which means that both parties must agree on the terms for a contract to be legally binding.
| 2. What are the essential elements of valid consideration? | |
Ans. The essential elements of valid consideration include:
1. It must be real and not illusory.
2. It must be lawful and not against public policy.
3. It must move from the promisee; meaning, only the person who provides consideration can enforce the contract.
4. It must be sufficient but need not be adequate, meaning that the value exchanged does not have to be equal.
| 3. Can past consideration be valid in a contract? | |
Ans. Generally, past consideration is not valid as it refers to something that has already been given or done before the contract was made. For consideration to be valid, it must be given for the promise made in the contract. However, in certain circumstances, past consideration can be recognized if it was provided at the request of the promisor and is acknowledged in the new contract.
| 4. What is the difference between executed and executory consideration? | |
Ans. Executed consideration refers to when something is given or performed at the time the contract is made. For example, paying for a service immediately upon receipt. Executory consideration, on the other hand, refers to promises to do something in the future. For instance, agreeing to deliver goods at a later date. Both forms are valid in forming a contract, but they represent different stages of performance.
| 5. How does consideration affect the enforceability of a contract? | |
Ans. Consideration is a crucial element for the enforceability of a contract. If a contract lacks consideration, it is typically deemed void and unenforceable in a court of law. The presence of consideration ensures that both parties have a mutual obligation, which is necessary for legal recognition of the agreement. Without it, the contract may be seen as a mere promise without legal backing.
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