What is Consideration ? Are the following promises supported by consideration or otherwise legally enforceable ?...

What is Consideration ?

Are the following promises supported by consideration or otherwise legally enforceable ?

(a) A Landlord's promise to rent a riverside mansion for $10 a year rental.

(b) A promise by a supplier to deliver goods in a week's time in exchange for the

purchaser's promise to pay $6000 on delivery.

(c) A creditor's promise (contained in a Deed) to accept $1000 in satisfaction of a $10,000

debt.

Expert Solution

Consideration :it is the central concept in the common law of contracts and is required,in most cases,for a contract to be enforceable.Consideration is price pays by one for the promise of another.It can take a number of forms:money,property,a promise,the doing of an act,or even refraining from doing an act.

a) yes,as it involves consideration hence it is enforceable

b) yes,it is supported by consideration as it involves promise to pay $6000 on delivery of goods

c) no,as this is the case of settlement of debt no considertion involved

ekkarill92 answered 2 years ago

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