BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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“ ____ some right, interest, profit or benefit accruing to the one party or some forbearance, detriment, loss or responsibility, given, suffered or undertaken by the other”
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The promisee must show his seriousness to be bound and as such must offer something of expense.
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“The English law recognises consideration as an act or omission undertaken by one of the parties in which the other places reliance on such.”
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The cliamant must show that he has bought the defendant’s promise either by doing some act in return for it or by offering a counter promise.”
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The promisor must provide an agreement condensed to writing which must be signed by both parties to show that they have ‘considered’ the agreement they are entering into.
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Detailed explanation-1: -Elements of consideration 1. A performance or a return promise must be bargained for. 2. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise.
Detailed explanation-2: -Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise.
Detailed explanation-3: -Under the act, valid consideration must satisfy the following criteria: It must move at the desire of the promisor. An act constituting consideration must have been done at the desire or request of the promisor.
Detailed explanation-4: -consideration, in contract law, an inducement given to enter into a contract that is sufficient to render the promise enforceable in the courts. The technical requirement is either a detriment incurred by the person making the promise or a benefit received by the other person.