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  • Business Law: Session 4 Law of Contract Consideration Instructor: Malik Nizar Ali

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    Loru Pc
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    1) Consideration in a contract can take several forms: past consideration where a promisee has already performed an act, present consideration where an act is performed simultaneously with the promise, or executory consideration where a promise is made to perform a future act. 2) Consideration is defined as the price for which the promise of the other party is bought, requiring something in return. 3) The essential elements of consideration are that it must be something of value moving from the promisee or third party at the desire of the promisor, and can be past, present or future acts.

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    BL-Session 4

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    1) Consideration in a contract can take several forms: past consideration where a promisee has already performed an act, present consideration where an act is performed simultaneously with the promise, or executory consideration where a promise is made to perform a future act. 2) Consideration is defined as the price for which the promise of the other party is bought, requiring something in return. 3) The essential elements of consideration are that it must be something of value moving from the promisee or third party at the desire of the promisor, and can be past, present or future acts.

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    7 просмотров9 страниц

    Business Law: Session 4 Law of Contract Consideration Instructor: Malik Nizar Ali

    Загружено:

    Loru Pc
    1) Consideration in a contract can take several forms: past consideration where a promisee has already performed an act, present consideration where an act is performed simultaneously with the promise, or executory consideration where a promise is made to perform a future act. 2) Consideration is defined as the price for which the promise of the other party is bought, requiring something in return. 3) The essential elements of consideration are that it must be something of value moving from the promisee or third party at the desire of the promisor, and can be past, present or future acts.

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    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPT, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 9

    BUSINESS LAW

    Session 4
    Law of Contract
    Consideration
    Instructor: Malik Nizar Ali
    Consideration (Sec. 2d)
    At desire of promisor, the promisee or any other
    person
    a. Past consideration-has done or abstained from
    doing, or
    b. Present Consideration-does or abstains from doing,
    or
    c. Executory Consideration-Promises to do or to
    abstain from doing
    Some thing
    Business Law
    Law of Contract-Consideration 2
    Instructor: Malik Nizar Ali
    Other definitions
    • Consideration is the price for which the
    promise of the other party is bought.
    • Quid-pro-quo -Some thing in return, some
    thing for some thing

    Business Law
    Law of Contract-Consideration 3
    Instructor: Malik Nizar Ali
    Essential Elements
    1. At the desire of promisor
    Act done voluntarily or at desire of third
    party is not consideration.
    2. Move from promisee or any other person- It
    is immaterial who furnished it
    Stranger to consideration-closely related to
    the person from whom the consideration
    actually proceeded.
    Business Law
    Law of Contract-Consideration 4
    Instructor: Malik Nizar Ali
    Essential Elements
    3. Past, -Already moved before formation of agreement
    -Act done without any promise
    Present or –Moves simultaneously with the promise
    future-Moves after the formation of agreement.
    4. Some thing of value Plus free will/ consent
    Need not be equal to value of promise
    Adequacy will be considered by Court to test free consent.
    5. Must be real and not illusory

    Business Law
    Law of Contract-Consideration 5
    Instructor: Malik Nizar Ali
    Essential Elements
    6. Something other than the promisor’s existing
    obligation
    No consideration in case
    -Already bound under existing obligation
    -Legal duty
    7. Lawful and not opposed to public policy

    Business Law
    Law of Contract-Consideration 6
    Instructor: Malik Nizar Ali
    Contract without consideration
    • Void
    • Exceptions
    1. Agreement made on account of love &
    affection
    Writing
    Registered under law
    Made on account of love & affection
    Parties are closely related
    Business Law
    Law of Contract-Consideration 7
    Instructor: Malik Nizar Ali
    Contract without consideration
    2. Promise to compensate
    3. Promise to pay time barred debt
    Writing
    Signed
    Related to debt which is time barred (>= 3 years)
    4. Completed gift-made by donor and accepted by
    donee need no consideration
    5. Agency
    Business Law
    Law of Contract-Consideration 8
    Instructor: Malik Nizar Ali
    Stranger to a contract
    • A Stranger to a consideration can sue
    • But stranger to contract cannot sue
    Exceptions
    1. In case of trust
    2. In case of family settlement
    3. Acknowledgement- Agent
    4. Assignment of a contract

    Business Law
    Law of Contract-Consideration 9
    Instructor: Malik Nizar Ali

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