Contract- Consideration

Please choose 3 types of consideration?

• Executed Consideration

• Executory Consideration

• Past Consideration

• Future Consideration

What is executed Consideration?

• An act or promise that will be done in future

• An act which has been done to fulfill the contract

• Something wholly performed before the promise was

  made.

• a promise in return for counter promise

What is Past Consideration?

• An act or promise that will be done in future

• the exchange of anything of value by each party

• Something wholly performed before the promise was

  made.

• An act which has been done to fulfill the contract

What is Executory Consideration?

• The other party must accept an offer

• An act which has been done to fulfill the contract

• Something wholly performed before the promise was

  made

• An act or promise that will be done in future

B (to pay) promised to pay A (to renovate) if A completed his house renovation. What type of consideration is this?

• Executory consideration

• Beyond Consideration

• Executed Consideration

• Past Consideration

Adam Danish promised to reward RM2000 to anyone who finds and returns his wallet. Sara Aleesya found and return it to Adam. This is considered as which type of consideration?

• Federal Constitution

• Executed Consideration

• Past Consideration

• Executory Consideration

Consideration is...

• a set of mutual promises in which each party agrees to give up something to the benefit of the other.

• The amount of time one has to accept an offer.

• The 5 minutes following an offer that must elapse before an acceptance can take place.

• The element of a contract that says the value of what each party is giving up must be equal.

A owes B RM 1,000 but the debt is barred by limitation. A signs a written promise to pay B RM 500 on account of the debt. This is a valid contract.

• True 😇

• False 😈

Section 26 of the Contracts Act 1950 states that all agreements without consideration are void.

• True 🔴

• False 🔺

All agreements made on account of natural love and affection are binding.

• True 💖

• False 💔