'Consideration is the price for which the promise of the other is bought, and the promise thus given for the value is enforceable.' This definition of consideration is

Related MCQs

• Consider the following statements: Consideration is 1. A motive for any promise 2. A price for any promise 3. Only a moral obligation 4. Something of value in the eye of law Of these statements
• When one of the parties to the contract has performed its part of the promise which constitutes the consideration for the promise by the other side, it is known as
• A minor enters into agreement representing himself to be a major consider the following statement: 1. Minor commits fraud if the other party does not have personal knowledge of his age 2. Such agreement is not enforceable 3. The doctrine of estoppel does not apply in minor's case 4. Other party is entitled to get back the benefit passed to minor, if innocent about his age Which of the statements given above are correct?
• A promise to pay a time barred debt is enforceable, if some conditions are fulfilled. Which of the following conditions is not required?
• After a proposal has been accepted and there is promise, can the promisor resile from the promise?
• Where by the contract, a promisor is to perform his promise without application by the promise and no time for performance is specified the engagement must be performed within a reasonable time. The question "What is a reason able time" is in each particular case is a :
• A promise not supported by consideration is called a
• A contracts with B to construct a building for a fixed price, B supplying the necessary timber. This reciprocal promise is
• Where under a contract of sale, the price is payable on a certain day irrespective of delivery and Buyer wrongfully neglects or refuses to pay the price, the Seller can sue the Buyer for the price of goods. For this purpose, goods —
• When the proposal or acceptance is made other wise than words, the promise is said to be