BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which of the following is not a part of consideration?
|
|
Future performance
|
|
|
Immediate performance
|
|
|
Past performance
|
|
|
Present performance
|
Explanation:
Detailed explanation-1: -Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.
Detailed explanation-2: -Both parties are promising to do something they otherwise would not be required to do. But something a person already did – – an act prior to negotiating the contract – – is not considered consideration. Courts call this “past performance” or “past consideration”.
Detailed explanation-3: -Which of the following would not be considered an example of consideration? Performance of a duty you are obligated to do under the law is not good consideration.
There is 1 question to complete.