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Mean consideration refers to something of value exchanged by parties in a contract, such as money or services. Promise is a commitment made by one party to do something or refrain from doing something in the context of a contract or agreement. Both mean consideration and promise are essential elements of a legally binding contract.
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Do the phrases 'keep one's promise' 'deliver on one's promise' and 'honor one's promise' mean the same?
Yes, all three phrases convey the idea of fulfilling a promise or commitment made to someone. They essentially mean the same thing, emphasizing the importance of following through on one's word or agreement.
What dose renege mean?
"Renege" means to go back on a promise, contract, or commitment. It involves failing to keep an agreement or breaking a promise.
What does prosposition mean?
A proposition is a statement or idea that is presented for consideration or discussion. It can be a proposal, argument, or assertion put forward for debate or acceptance.
What is the synonym for floor consideration?
"Floor consideration" can be considered synonymous with "debate" or "discussion on the floor."
What does consciencesly mean?
Consciously means being aware of and intentionally engaging in an action or behavior. It involves making decisions based on careful thought or moral consideration.
In what circumstances might a promise be enforced despite a lack of consideration?
Usually, a contract is only valid when there is bargained for consideration. However, the promise might still be enforced without consideration in cases that fall under the promissory estoppel. This means that the promise reasonably relied on the promise and has suffered a detriment due to the reliance.
Is a promise enforceable despite the lack of consideration?
No
What is an assumpsit?
An assumpsit is a promise or undertaking founded on a consideration, or an action to recover damages for breach of a promise.
What the price for which promise of the other is bought?
It is called consideration.
Difference between executory executed and past consideration?
EXECUTORY CONSIDERATION Consideration is executory when there is an exchange of promises to perform acts in the future. For example, A promises to deliver widgets to B at some future date and B promises to pay A for the widgets when he receives the shipment. If A does not deliver the widgets to B, B can sue A for breach of contract. EXECUTED CONSIDERATION When a promise is made in exchange for an act, when that act is performed, it is executed consideration. Using the example above, if A timely delivers the widgets to B, A's consideration becomes executed. PAST CONSIDERATION Every contract requires an offer, acceptance, and consideration. Consideration isthe exchange of benefit and detriment (e.g., the making of a promise in exchange for an act). If a party voluntarily acts and then the other party makes a promise, the act is said to be "past consideration" (since the act was already performed and not made in exchange for the promise). For example, A gives B a ride to the market and back home again. When A delivers B to his house, B promises to give A some gas money. A cannot sue B to enforce B's promise since the consideration (A's act of giving B a ride) occurred beforeB's promise. A gave B the ridewithout expecting anything inreturn.(A did not give B a ride in exchange for B giving A gas money.)
What is a consideration of a contract?
Consideration is the Promise or Performance that flows between the parties to a contract. It is also called legal detriment.
What is a badge of enforceability?
It is consideration given that allows for the enforcement of a promise/contract.
What are reciprocal promises?
reciprocal promise is , if free concent and the consideration of both party are there .
One promise may serve as consideration for many return promises?
true
What is past consideration with exception?
past consideration is of no effect to consideration at all. It is where the defendant's promise is subsequent to the plaintiff's act and independent of it. for example, where P saves D from drowning; Das an expression pf gratitude, later promises to pay P a sum of money as a reward. Here P cannot sue D on his promise since P's consideration is past in time, D's promise being subsequent abd independent of A's act. The case of Re McArddle illustrates the concept of past consideration
What is a required element in all contracts by which a legal right or promise is exchanged for the act or promise of another person?
there should be a consideration for each party........
What does it mean by consideration must move from promisee?
In contract law, consideration is the benefit received by each party in a contract. It must move from the promisee to the promisor, meaning that the promisee must provide something of value in exchange for the promise made by the promisor for the contract to be legally binding. This ensures that both parties are giving and receiving something in the agreement.
