Consideration is :
(a) a price for any promise.
(b) only a moral obligation.
(c) a motive for any promise.
(d) something of value in the eye of law.
Code :
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.
Important Questions from Indian Contract Act, 1872
Which one is False as per the relevant provisions of the Indian Contract Act. 1872?
Which one is the correct sequence implied in the Indian Contract Act 1872?
(A) Offer of proposal
(B) Contract
(C) Promise
(D) Agreement
(E) Acceptance
Choose the correct answer from the options given below:
Statement I: Contracts whose objects or consideration are unlawful are void.
Statement II: Contracts in restraint of legal proceedings are void.
- What are the features of Income tax Return - 1 (Sahaj)
i. Tax payers whose total income does not exceed Rs.50 lakh during the F.Y, and income assessed under the head Salary
ii. Income tax from Salary, one house property, family pension, agriculture income upto Rs.5000 can be filed
iii. ITR-1 cannot be filed by any individual who has income from business or profession.
iv. ITR -1 Sahaj is also called as ITR -1 Sugam - Which statements are correct about the provisions of Sec 40 (B) Remuneration to partners ?
i. Remuneration is allowed to working and non working partners
ii. Must be authorised by partnership deed
iii. Maximum limit
a. If book profit is negative, in case of loss Rs.1,50,000
b. In case of book profit on the first Rs.3,00,000 of book profit-1,50,000 Or 90% book profit, whichever is higher. On the balance of the book profit - 60%
iv. Maximum rate of interest is 15%
