Consideration

In social and domestic agreements, intention to be legally bound is generally presumed.

• True 😁

• False 😭

John finds Mary’s handphone and gives it to Mary. Mary promises to buy lunch for John. There is a contract.

• True 🌝

• False 🌚

A owes B RM 1,000 but the debt is barred by limitation. A signs a written promise to pay B RM 500 on account of the debt. This is a valid contract.

• True 😇

• False 😈

Section 26 of the Contracts Act 1950 states that all agreements without consideration are void.

• True 🔴

• False 🔺

All agreements made on account of natural love and affection are binding.

• True 💖

• False 💔

The rule in Pinnel’s case applies in Malaysia because of section 64 of the Contracts Act.

• True 👽

• False 👻

In what circumstances will consideration not be sufficient?

• Past consideration.

• Performance of an existing contractual duty owed to the other contracting party.

• Part payment of an existing debt.

• Performance of an existing public duty imposed by law.

• All of the above are correct.

There is no contract

• without the exchange of money

• without both offer and acceptance on mutually agreeable terms

• without the two parties shaking hands

• without all parties signing something

A person to whom a promise is made

• promisee
• promiser
• donor
• donee

Mr. Blue gave Mr. Green $1000 to help his family out. Later Mr. Blue entered into a sales contract with Mr. Green and wanted the consideration to be in part the $1000. What is the term for the $1000? 

• A.  Past Consideration
• B.  Future Consideration
• C.  Equitable exchange
• D.  Present Intent