Question

In: Accounting

INSUFFICIENCY OF CONSIDERATION IS IMMATERIAL, BUT AN AGREEMENT WITHOUT CONSIDERATION IS VOID

INSUFFICIENCY OF CONSIDERATION IS IMMATERIAL, BUT AN AGREEMENT WITHOUT CONSIDERATION IS VOID

Solutions

Expert Solution

The statement is true with certain exceptions.

All agreements are contracts which are made between two or more parties for a lawful consideration and for a lawful object.The agreement which is legally enforceable is known as contracts. Insufficiency of consideration is immaterial, but there should be some consideration involved in the agreement between parties. An agreement without consideration is treated as void with the following exceptions:

a) if the agreement is made on account of natural love and affection between parties standing in near relation which is in writing and registered under the law for the time being in force

b) if it is a promise to compensate wholly or partially an amount to a person who has voluntarily done something for the promisor

c) if it is a promise in writing signed by the person to be charged or by his agent or by a person who is authorized in this behalf, to pay an amount wholly or in part debt of which the creditor might have enforced the payments but for the law.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Our textbook states: "As a general rule, an agreement without consideration will not be an enforceable...
Our textbook states: "As a general rule, an agreement without consideration will not be an enforceable contract, because consideration is so important as the binding element within a contractual relationship." Research and explain why this is so. In so doing, define and discuss the concept of consideration, including within your discussion the distinction between adequacy of consideration and sufficiency of consideration. This is an open ended question, so just need to answer it with supporting information and why you think...
A system description that reveals whether a system is stable or not stable without consideration of...
A system description that reveals whether a system is stable or not stable without consideration of other system attributes. A. Stable system B. Absolute Stability C. Marginally stable D. Optimum control system
Clearly distinguish between a valid contract, a voidable contract, and a void agreement. Provide an example...
Clearly distinguish between a valid contract, a voidable contract, and a void agreement. Provide an example of each type of agreement and demonstrate how the court would treat each of your situations if they were litigated.
A valid contract has four required elements: agreement (offer and acceptance), consideration, capacity, and legality. Even...
A valid contract has four required elements: agreement (offer and acceptance), consideration, capacity, and legality. Even when those four elements are present, there can be a valid defense to a contract’s enforceability. For each of the following, answer whether there is an enforceable contract and explain either why or why not. Example: Betsy hires Frank to transport a shipment of cocaine for her. Answer: Not an enforceable contract. The element of legality is not satisfied because a contact to commit...
A valid contract has four required elements: agreement (offer and acceptance), consideration, capacity, and legality. Even...
A valid contract has four required elements: agreement (offer and acceptance), consideration, capacity, and legality. Even when those four elements are present, there can be a valid defense to a contract’s enforceability. For each of the following, answer whether there is an enforceable contract and explain either why or why not. Example: Betsy hires Frank to transport a shipment of cocaine for her. Answer: Not an enforceable contract. The element of legality is not satisfied because a contact to commit...
Chapter 49 Endocrine Problems Adrenal Insufficiency or Adrenocortical Insufficiency Patient Profile J.S. is a 58-year-old woman...
Chapter 49 Endocrine Problems Adrenal Insufficiency or Adrenocortical Insufficiency Patient Profile J.S. is a 58-year-old woman brought to the emergency department (ED) at 7:00 am by her husband because when she got up this morning, she was light-headed, confused, and so weak that she could not dress herself. J.S.’s husband immediately drove her to the ED in her pajamas. She has a history of rheumatoid arthritis and had been taking prednisone 10 mg daily. Subjective Data Husband states that J.S....
Chapter 49 Endocrine Problems Adrenal Insufficiency or Adrenocortical Insufficiency Patient Profile J.S. is a 58-year-old woman...
Chapter 49 Endocrine Problems Adrenal Insufficiency or Adrenocortical Insufficiency Patient Profile J.S. is a 58-year-old woman brought to the emergency department (ED) at 7:00 am by her husband because when she got up this morning, she was light-headed, confused, and so weak that she could not dress herself. J.S.’s husband immediately drove her to the ED in her pajamas. She has a history of rheumatoid arthritis and had been taking prednisone 10 mg daily. Subjective Data Husband states that J.S....
Chapter 49 Endocrine Problems Adrenal Insufficiency or Adrenocortical Insufficiency Patient Profile J.S. is a 58-year-old woman...
Chapter 49 Endocrine Problems Adrenal Insufficiency or Adrenocortical Insufficiency Patient Profile J.S. is a 58-year-old woman brought to the emergency department (ED) at 7:00 am by her husband because when she got up this morning, she was light-headed, confused, and so weak that she could not dress herself. J.S.’s husband immediately drove her to the ED in her pajamas. She has a history of rheumatoid arthritis and had been taking prednisone 10 mg daily. Subjective Data Husband states that J.S....
"Past consideration is no consideration". Comment
"Past consideration is no consideration". Comment
Given a program as shown below: #include <stdio.h> void function1(void); void function2 (int, double x); void...
Given a program as shown below: #include <stdio.h> void function1(void); void function2 (int, double x); void main (void) { int m; double y; m=15; y=308.24; printf ("The value of m in main is m=%d\n\n",m); function1(); function2(m,y); printf ("The value of m is main still m = %d\n",m); } void function1(void) { printf("function1 is a void function that does not receive\n\\r values from main.\n\n"); } void function2(int n, double x) { int k,m; double z; k=2*n+2; m=5*n+37; z=4.0*x-58.4; printf ("function2 is...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT