Consideration may be executed, executory but not past.
Understand the Problem
The question asks whether a consideration in a contract can be executed, executory, but not past. This relates to legal concepts regarding contracts, where 'executed' refers to actions already completed, 'executory' refers to actions yet to be completed, and 'past' would indicate actions that have already occurred. We need to determine the truthfulness of the statement regarding the nature of consideration.
Answer
Consideration can be executed or executory but not past.
Consideration in contract law can be executed (something already done in exchange for a promise) or executory (a promise to do something in the future for a promise in return). However, past consideration, which is an act or promise made before the contract is formed, is generally not valid.
Answer for screen readers
Consideration in contract law can be executed (something already done in exchange for a promise) or executory (a promise to do something in the future for a promise in return). However, past consideration, which is an act or promise made before the contract is formed, is generally not valid.
More Information
Executed consideration involves something already completed, such as performing an act in exchange for a promise. Executory consideration involves future promises, essential for forming a legally binding contract because it indicates mutual intent to perform. Past consideration generally lacks this mutual agreement aspect at the time of the contract formation.
Tips
Confusion might arise between past consideration and executed consideration; remember that past consideration occurs before the contract was made, while executed is part of the contract's performance.
Sources
- Contracts - what is consideration? - LawBite - lawbite.co.uk
- Consideration: Exceptions, Types & Adequacy | Vaia - vaia.com
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