3 Questions
What is Consideration defined as in Section 2(d)?
Something in return for a promise
When is an act or promise considered as Consideration?
When done at the desire of the promisor
What is the role of Consideration in a promise?
It makes the promise legally enforceable
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.
Test your understanding of the legal concept of consideration with this quiz. Explore the definition and various aspects of consideration as outlined in Section 2(d) and enhance your knowledge of contract law.
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