Quick Answer: Can A Promise Be Consideration?

What are the 3 requirements of consideration?

Each party must make a promise, perform an act, or forbear (refrain from doing something)..

Is a promise to pay good consideration?

The past consideration is promise is made after the promise has done the performance. The past consideration is no good consideration. This rule is followed the idea of consider must be moved from promise.

What are two exceptions to the rule requiring consideration?

One exception to the rule requiring consideration is promissory estoppel. In a bilateral contract the considerations for each promise is a return promise. In a unilateral contract, the consideration is one partys consideration is the promise and the other partys consideration is the act.

Consideration Meaning in LawConsideration has to move as per the desire of the promisor.Consideration may move from the promisee to another person.Consideration might be in the past, present, or future.Consideration does not need to be adequate.Consideration must be real and not illusory.More items…

What are the two elements of consideration?

Elements of consideration 1. A performance or a return promise must be bargained for. 2. A performance or return promise is bargained for if it is sought by the promisor in exchange for his promise and is given by the promisee in exchange for that promise.

What are the three types of consideration?

Kinds of ConsiderationExecutory Consideration or Future Consideration,Executed Consideration or Present Consideration, or.Past Consideration.

What is consideration and its types?

Consideration is classified as one of two types: executed: when the promise has been performed within the meaning of the contract, or. executory: when the promise has not been performed.

Does consideration have to be money?

First, consideration does not have to be money. It can be something of value, so it can be another object or a service. Second, what you bargain for does not have to meet anyone else’s standards of value and courts have consistently refused to weigh in on this subject.

What are included in consideration?

Consideration in a contract is the exchange of anything of value by each party. Most often, services or goods are exchanged or promised in a contract, though consideration may be whatever the parties agree to. Examples include: Money.

What are the rules of consideration?

The following are the Rules governing consideration in a contract.Consideration must move at the desire of the promisor.Consideration may Move front the Promisee or any other Person.Consideration may be Past, Present or Future.Consideration need not be Adequate.Consideration must not be Illusory but should be Real.

What is consideration explain?

The term “consideration” is a concept in English law that refers to the price paid in exchange for the fulfillment of a promise. … Its main characteristic is that the promissor must give a promise of something that is of value, and the promisee must give something of value in exchange.

What are the exceptions to the rule of consideration?

An exception to this rule is where there is a duty owed to a third party. An act done before the giving of a promise to make a payment or to confer some other benefit can sometimes be consideration for the promise.

Can Consideration move from a stranger?

Under the Indian Contract Act 1872 consideration for a contract may move from the promisee or any other person i.e. a stranger to the consideration can also enforce the contract.

Is a promise not to sue consideration?

A promise subsequent to a promisee’s act, not bargained for; it does not count as consideration. The law stipulating how long after a cause of action arises that a person has to sue on it. To be prohibited from denying a promise when another subsequently has relied on it.