BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party. To promise to do something that you are already obligated to do by law cannot serve as consideration.

Detailed explanation-2: -The general rule that past consideration is not good consideration is important to remember when determining whether adequate consideration has been provided to formalise contractual relations. This means that consideration must be provided either during or after the formation of the contract.

Detailed explanation-3: -A promise to do what one already has a legal duty to do is not legally sufficient consideration under most circumstances. Promises made with consideration based on events that have already taken place are fully enforceable.

Detailed explanation-4: -A unilateral agreement is, however, complete only when one of the parties fulfills the promise.

Detailed explanation-5: -Legally sufficient means that the consideration consists of either: A promise by a party to do something he or she is not legally required to do. A promise to refrain from doing something a party is allowed to do by law. A promise for a party to do something he or she would not otherwise have an obligation to do.