Have you ever heard of consideration in business law? Want to take a quiz? Consideration is a concept of English common law. It is required for simple contracts called contracts by deed. With common law, both parties must offer consideration before a contract is bound. It represents the relationship between a promise and a deed. This Consideration In Business Law quiz will demonstrate your knowledge of consideration in business law. All the best.
Void.
Voidable.
Valid.
Unlawful.
True, as there is no exception to this rule.
False, as there are certain exceptions to this rule.
Promisor
Promisee
Promisor or any Third-Party
Both (a) and (b)
True, as the consideration must be furnished by the promisee.
False, as the law requires that there must be some consideration, who furnished it is immaterial.
Void.
Voidable.
Valid.
None.
Is valid consideration as it satisfies the requirement of the act being done at the desire of the promisor.
Is not a valid consideration as such an act cannot be regarded as valuable consideration.
Entitles him to seek the intervention of the court for enforcement of the contract.
Binds the promisor (A) to perform the promise by delivering the car to B.
Valid
Voidable
Void
Illegal
No Consideration.
Inadequate Consideration.
Past consideration.
None of these.
Void
Valid
Voidable
Unlawful
Void
Valid
Voidable
Unlawful
True.
False.
Invalid Consideration.
No Consideration.
Valid Consideration.
None of these.
Valid Consideration.
Invalid Consideration.
Forbidden by Law.
Unlawful Consideration.
Past.
Present.
Future.
All of these.
May be present, past, or future.
May be present or future only.
May be past or present only.
Must be present only.
Sec 2(d)
Sec 10
Sec 25
None.
True, as there are no exceptions to this rule.
False, as there are certain exceptions to this general rule.
It must be between near relatives.
It must be ratified by the Court of Law.
It must be in writing.
It must be in registered.
True, as it is recognized, under Section 25 of the Indian Contract Act.
False, as the gift is always made of some consideration.
Section 25.
Section 185.
Section 25, Explanation 1
Judicial Precedents.
Section 2(d).
Section 25.
Section 25, Explanation 1
Judicial Precedents.
A stranger to a contract cannot sue
A stranger to consideration cannot sue
A stranger to a contract can sue
A stranger to consideration can use
Privity of Consideration.
Privity of Contract.
No Consideration, No Contract.
Section 25, Explanation II.
Sec 2(a).
Sec 2(b)
Sec 2(c)
Sec 2(d)
Salmond
Pollock
Anson
None
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