BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To promise to do something that you are already obligated to do by law cannot serve as consideration.
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TRUE
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FALSE
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Explanation:
Detailed explanation-1: - 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-2: -Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required. A gift or gratuitous promise cannot be a consideration for they have no bargaining.
Detailed explanation-3: -The obligation to keep promises is a commonly acknowledged moral duty. Yet not all promises – however solemnly vowed – are enforceable at law.
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