BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Forbearance is the intentional action of abstaining from doing something. In the context of the law, it refers to the act of delaying from enforcing a right, obligation, or debt. For example, a creditor may forbear legal action against the debtor if they settle the debt payment with new payment conditions.

Detailed explanation-2: - Pre-Existing Legal Duty: Under most circumstances, a promise to do (or refrain from doing) what one already has a legal duty to do (or refrain from doing) does not constitute legally sufficient consideration.

Detailed explanation-3: -177. Actual forbearance: A creditor, who without making any express promise, simply forbears from enforcing.

Detailed explanation-4: -Under what situations is consideration not binding? Consideration is not binding if the promise does not create a duty or impose an obligation such as with illusory promises. Illusory promises include termination clauses in contracts and output and requirements contracts.