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Consideration must be possible of performance means that for a contract to be valid, the promises made by the parties must be capable of being fulfilled. This ensures that the obligations outlined in the agreement can realistically be performed under the circumstances. If the performance is impossible from the outset—due to physical, legal, or other constraints—the contract may be deemed unenforceable. Thus, both parties must have the ability to execute their respective promises for the contract to hold.
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What is lawful consideration and object?
An object of a contract that is permitted by law and possible of performance
Consideration need not be adequate but must sufficient or valuable discuss?
consideration need NOT be adequate but must be sufficient.
Five requirement of valid contract consensus requisite legal capacity observance of prescribed formalities performance and counter-performance must be possible the agreement must be legal?
it must contain all the relevant requirements in it ,attach all terms and conditions in it
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.
Is Artillerymen must take the weather into consideration when trajectories are plotted written in active voice?
Weather must be taken into consideration when trajectories are plotted by artillerymen.
Is a promissory note binding if there is no consideration in return?
In order to have a promissory note there must be consideration. If a bank gives you a mortgage, then the home is consideration for your payments.
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.
What must be taken into consideration when determining a safe speed on a boat?
The wind speed and the wave height are two things that must be taken into consideration when determining a safe speed for a boat.
Why must conservation plans take into consideration the needs?
you are bad
What are the rules that govern consideration in a valid contract?
1. Consideration must move at the desire of the promisor-The act or forbearance must be done at the desire or request of the promisor. If it is done without his request or at the request of a third party it will not be a valid consideration. 2. Consideration need not be adequate but must be sufficient-It is not necessary that there must be full return for the promise. There must be something rather than nothing. The law has left the quantum of consideration to be decided by the respective parties. Thus, the law will not object to the inadequacy of consideration.The law will not enforce a promise even if it is without consideration. 3. Past consideration is not consideration 4. Forbearance to sue may be good consideration 5. Performance of existing duties. A person who has not provided consideration cannot sue to enforce a promise.
What are the characteristics of consideration?
Consideration in contract law refers to something of value exchanged between parties, which is essential for a contract to be legally binding. Its key characteristics include being sufficient, meaning it must hold some value but not necessarily be equal; being mutual, as both parties must provide consideration; and being legally recognizable, meaning it must not be illegal or against public policy. Additionally, consideration must be present at the time of the contract or promised to be exchanged in the future.
What are the requirements of a definite offer?
To be considered definite, an offer (and a contract) generally must contain the following terms: (1) identification of the parties, (2) identification of the subject matter and quantity, (3) consideration to be paid, and (4) time of performance.
