True, because the quid pro quo must be provided by the promise. Regarding the security requirement, which of the following statements is true? is not valid consideration, since such an act cannot be regarded as valid consideration. What are the requirements for a valid and binding contract? (ii) He may depart from the Promised Man or any other person under Indian law so that a foreign counterparty may grant a claim. A consideration may deviate from the promise or from another person. The consideration of a third party is a valid consideration. Under English law, however, consideration can only be based on promise. Which of the following statements provides an accurate description of the reasoning? (v) The consideration must not be illegal, illegal, immoral or contrary to public order. The quid pro quo for an agreement must not be illegal. If it is illegal, the courts will not allow action against the agreement. Answer the following questions, then click “Submit” to get your score.
(vi) the consideration need not be reasonable; Consideration, as explained above, means “some consideration.” This “something given”. The law simply states that a contract must be supported by consideration. As long as there is a consideration, the courts are not concerned about its reasonableness, as long as it has some value. “The adequacy of the consideration rests with the parties at the time the agreement is concluded, not with the court if it is to be performed.” Have you ever heard of consideration in business law? Do you want to take a quiz? Consideration is a concept of English common law. It is required for simple contracts called contracts by deed. At common law, both parties must offer consideration before a contract becomes binding. It represents the relationship between a promise and an action. This “Business Law Considerations” quiz shows your knowledge of business law considerations. Best wishes.
False because there are some exceptions to this rule. A agency relationship that is entered into retroactively is called a agency relationship by: (a) Love and affection [Article 25 (1)]: If an agreement is entered into in writing and registered for the registration of documents under the law in force and is concluded on the basis of natural love and affection between the parties who are closely related to each other, It is enforceable, even if there is no consideration. Below are the rules for consideration Which of the following statements about acceptance is true? e) Gift made (Explanation 1 to § 25): The “No consideration, no contract” rule does not apply to gifts made. This rule does not affect the validity of a gift actually made between the donor and the donee. In principle, an agreement concluded without consideration is null and void. Article 25 deals with exceptions to this rule. In such cases, agreements are enforceable even if they are concluded without consideration. These cases are as follows: X Ltd has two directors, Joe and Harry. None of the directors is authorized to enter into contracts individually on behalf of the Company. In practice, Joe (with Harry`s consent) concludes all contracts on behalf of the company. What kind of agency was created when a bona fide third party entered into a contract with Joe purporting to act on behalf of X Ltd? The quid pro quo is based on the term “quid-pro-quo”, which means “something in return”. When a person makes a promise to others, he does so with the intention of benefiting from him.
This act of doing or refraining from doing something is called consideration. (c) Obligation to pay a prescribed debt [article 25, paragraph 3]: An undertaking by a debtor to pay a prescribed debt is enforceable provided that it is in writing and signed by the debtor or its agent who is generally or specifically authorized in that name. The debt must be a debt “from which the creditor could have forced payment, but for the law on the limitation of shares” Which of the following generally constitutes an offer? (iv) It must be real and not illusory, infinite or vague. While consideration does not have to be reasonable, it must be genuine, competent and of some value in the eyes of the law. Physical impossibility, legal impossibility, uncertain consideration and illusory consideration. The consideration is an advantage or advantage that passes from one party to the other. This is the essence of the market. It is the mutual promise, that is, to do something or not to do something, in order to reciprocate. An agreement must be legally enforceable. In return, both parties give something and get something in return. It can be cash or in kind. (b) Remuneration for voluntary services [§ 25 para.
2]: The promise to compensate a person who has already voluntarily done something for the promisor, in whole or in part, is enforceable, albeit without consideration. The promise to pay for past voluntary service is binding. An offer can be cancelled in several ways. Which of the following is NOT an effective way to terminate an offer? False, since the law requires that there be some consideration, who provided it is irrelevant. Frank enters into a contract with Sally, assuming that Sally is acting on her own behalf, when in fact she is acting as Derek`s agent on his express instructions. Who can Frank take action against in the event of a breach of contract? (d) Agency (§ 185): No consideration is required for the establishment of an agency. Which of the following is not the duty of a representative? Section 2(d) of the Indian Contract Act, 1872, defines consideration as follows: “If, at the request of the promisor, the promise or another person has done or omitted to do or does or omits to do something, that act shall be called abstinence or promise in consideration of the promisor.” (iii) The consideration may be past, present or future. The words used in paragraph 2(d) are “has done or omitted to do something (past) or does or refrains from doing (present) or promises to do or refrains from doing something (future)” This means that the consideration can be past, present or future.