Question
In: Finance
Explain the past consideration rule.
Explain the past consideration rule.
Solutions
Expert Solution
PAST CONSIDERATION RULE
past consideration is a mean of promise or an act that was performed prior to the contract. If some one enforce a new contract then only the past consideration is available. When a new contract is written, past consideration will not count as consideration for the purposes of the contract. The reason for this is that past consideration occurred before the new contract was entered. If the new contract is signed then there is no need of past consideration.
It cant considered as a contract because there is no risk for promisee and the promisor is not get benefitted from this type of contract. It is occured when someone has any obligation to execute the contract only. Actually legally it may not be needed but when we are thinks morally the obligation should be done. So it is known as moral contract. This is not legal so that we can not enforce past consideration in the court.
ThankYou....
jeff jeffy answered 1 year agoRelated Solutions
"Past consideration is no consideration". Comment
"Past consideration is no consideration".
Comment
When is consideration not required to modify a contact? Define “past consideration” and provide an example.
When is consideration not required to modify a contact? Define
“past consideration” and provide an example.
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A firm evaluates all of its projects by applying the IRR rule. A
project under consideration has the following cash flows?
YearCash Flow0–$28,000
1 -12,000
2 -15,000
3 -11,000
A firm evaluates all of its projects by applying the IRR rule. A project under consideration...
A firm evaluates all of its
projects by applying the IRR rule. A project under consideration
has the following cash flows:
Year
Cash Flow
0
–$
27,100
1
11,100
2
14,100
3
10,100
1．If the required return is 15 percent, what is the IRR for this
project? (Do not round intermediate calculations. Enter
your answer as a percent rounded to 2 decimal places, e.g.,
32.16.)
IRR
%
２．Should the firm accept the project?
No
Yes
A firm evaluates all of its projects by applying the IRR rule. A project under consideration...
A firm evaluates all of its
projects by applying the IRR rule. A project under consideration
has the following cash flows:
Year
Cash Flow
0
–$
27,100
1
11,100
2
14,100
3
10,100
1.If the required return is 15 percent, what is the IRR for this
project? (Do not round intermediate calculations. Enter
your answer as a percent rounded to 2 decimal places, e.g.,
32.16.)
IRR
%
2. Should the firm accept the project?
Yes
No
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Describe the rules regarding consideration.
Explain how the UCC rules regarding consideration are different
from the common law rules regarding consideration.
Explain the legal effect of a lack of capacity on a person’s
ability to enter into a contract.
Describe the circumstances under which a party would have limited
capacity to enter into a contract.
Explain the legal effect of entering into a contract for an illegal
purpose.
Action Items
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