Consideration: Defining Key Legal Terms

This question asks to identify the correct statements defining 'Consideration' in a legal context.

Statement Analysis

Let's analyze each statement:

• (a) a price for any promise: This is correct. Consideration is essentially the 'price' paid for a promise. It's what one party gives or promises in exchange for the other party's promise or performance.
• (b) only a moral obligation: This is incorrect. Consideration must be legally sufficient, not merely a moral or social obligation. A promise based solely on moral duty is generally not enforceable.
• (c) a motive for any promise: This is incorrect. While a motive might prompt a promise, consideration is the actual exchange or value given, not the underlying reason or motive for making the promise.
• (d) something of value in the eye of law: This is correct. For a promise to be supported by consideration, the consideration must be something recognized by law as having value. This value can be a benefit to the promisor or a detriment to the promisee.

Conclusion on Correct Statements

Based on the analysis, statements (a) and (d) accurately describe consideration.

Therefore, the correct option is the one stating that (a) and (d) are correct.