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Questions and Answers
What is Consideration defined as in Section 2(d)?
What is Consideration defined as in Section 2(d)?
- A favor done by the promisor
- A written contract
- A verbal agreement between parties
- Something in return for a promise (correct)
When is an act or promise considered as Consideration?
When is an act or promise considered as Consideration?
- When done at the desire of the promisor (correct)
- When done after the promise is fulfilled
- When done at the desire of the promisee
- When done without any specific request
What is the role of Consideration in a promise?
What is the role of Consideration in a promise?
- It is optional in a promise
- It makes the promise legally enforceable (correct)
- It only applies to written promises
- It is relevant only in business contracts
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Study Notes
Consideration in Contracts
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Consideration is defined in Section 2(d) as "when at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something".
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An act or promise is considered as Consideration when it is done or given at the desire of the promisor, i.e., the person making the promise.
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The role of Consideration in a promise is to create a legally binding contract, where one party's promise is supported by the other party's act or promise, which is deemed to be of value.
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