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- Rules governing consideration in contracts include1234:
- Consideration must move at the desire of the promisor.
- Consideration may move from 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.
- Consideration must be certain, definitive, and competent. It cannot be vague, uncertain, or impossible.
- The consideration must not be past.
- The consideration must be sufficient but need not be adequate.
- Consideration must be both legally sufficient and bargained-for by the receiving party.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Rules Governing Consideration in Contracts
- 1. Consideration must Move at the Desire of the Promisor In Indian Law, consideration must move at the desire of the promisor. ...
- 2. Consideration may Move front the Promisee or any other Person ...
accountlearning.com/rules-governing-consideratio…The legal rules of consideration state that consideration has to be certain, definitive, and competent. It cannot be vague, uncertain, or impossible. The transaction is rendered void in such a case.www.vedantu.com/commerce/legal-rules-regardin…Rules of consideration There are various rules governing the law of consideration: 1. The consideration must not be past. 2. The consideration must be sufficient but need not be adequate. 3.www.e-lawresources.co.uk/Consideration.phpRULES OF CONSIDERATION Consideration in contract law is simply the exchange of one thing of value for another. It is one of the six elements that must be present for a contract to be enforceable. Consideration must be both legally sufficient and bargained-for by the receiving party.www.lawyersnjurists.com/article/rules-of-considerat… - People also ask
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- Consideration need not be adequate or equivalent to the promise. All that is necessary is that an agreement should be supported by consideration, and the parties are left free to determine the appropriate consideration for a promise at the time of making the bargain. Adequacy or otherwise of consideration is only the look out of the promisor, and n...
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