5 Questions
What is consideration in the context of a contract?
The price paid by the promisee for the promisor's obligation
In English Law, how is consideration understood?
As something in return with a double aspect of benefit to the promisor and detriment to the promisee
What does consideration mean in the context of a contract?
'Something in return' for a promise
What is the rule regarding consideration in a contract?
'No consideration, no contract'
Why is consideration considered essential for a valid contract?
Without it, no single promise will be enforceable
Test your knowledge of consideration in business law with this quiz. Explore the concept of consideration, its significance in contracts, and the scenarios where a contract may be valid even without consideration.
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