Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a) must consideration always be present to render

a) Must consideration always be present to render a promise enforceable? b) Does the magnitude of consideration matter?...

50.1K

Verified Solution

Question

Accounting

a) Must consideration always bepresent to render a promise enforceable?

b) Does the magnitude of considerationmatter? Explain.

c) how have the common law courts insome cases permitted a debtor to enforce a creditor’s gratuitouspromise to reduce a debt?

Answer & Explanation Solved by verified expert
4.1 Ratings (680 Votes)
a Must consideration always be present to render a promise enforceable Consideration is an essential element of a valid contract A promise without consideration cannot be enforced by law except under certain circumstances Consideration is the necessary evidence by law of the intention of the parties to effect their legal relations Consideration broadly speaking is the price paid by the promisee for the obligation of the promisor The term consideration is used in the sense of something in return ie quid pro quo An agreement without consideration is a bare promise and exnudo pacto non aritio actio ie cannot be held to binding on the parties When no consideration is necessary The general rule is that contracts made wihtout consideration are void But Section 25 of the Contract Act lays down the undermentioned exceptions which make a promise without consideration valid and binding 1 Promise made on account of natural love and affection i When a contract is made on account of naturla love and affection between the parties ii The parties are standing in a near relation to each other and iii    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Pay period / 2018 allowance amountWeekly / $77.90Biweekly / $155.80Semimonthly / $168.80Monthly...Pay period /...

Accounting
Q

how do you do statement of cash flows

Accounting
Q

Assuming human pupil to have a radius of 0 25 cm and comfortable viewing distance...

Physics
Q

Webby Inc is a web development company Webby s monthly production function for developing websites...

Basic Math
Q

For the curve f(x) = -2(3)? +3, the horizontal asymptote occurs at:a) y = 1b)...

Algebra
Q

T O do 149 4 O f x x 2 x 5 O f x...

Algebra
Q

If we are an auditor, then carry out an audit of the financial statements by...

Accounting
Q

VRITE FORMULAS in the NBER Business Cycle worksheet to display: he Peak End-of-Month Date (Column...

Accounting
Q

What is the relationship between tax base and tax rate in determining the revenue collected...

Accounting
Q

Suppose you are computing net cash flow from operating activities using the indirect method. Use...

Accounting
Q

Marwicks Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,492...

Accounting
Q

How can you use the decision making and the problem making process to make short...

Accounting