BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consideration may be:
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In cash
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In kind
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Past, Present or Future
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All the above
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Explanation:
Detailed explanation-1: -Under Indian law, consideration may be from the promisee of any other person i.e., even a stranger. This means that as long as there is consideration for the promisee, it is immaterial who has furnished it. Consideration must be an act, abstinence or forbearance or a returned promise.
Detailed explanation-2: -Consideration can be offered by the promisee or a third-party only at the request or desire of the promisor. If an action is initiated at the desire of the third-party, it is not a consideration.
Detailed explanation-3: -A consideration is : Consideration is an act or abstinence for promise done at the desire of the promisor, by the promisee or any other person. Hence, option (c) is the correct answer.
There is 1 question to complete.