WorksheetsELEMENTS OF CONTRACT : CONSIDERATION
Total questions: 20
Worksheet time: 10mins
What is executed Consideration?
An act or promise that will be done in future
An act which has been done to fulfill the contract
Something wholly performed before the promise was
made.
a promise in return for counter promise
What is Past Consideration?
An act or promise that will be done in future
the exchange of anything of value by each party
Something wholly performed before the promise was
made.
An act which has been done to fulfill the contract
What is Executory Consideration?
The other party must accept an offer
An act which has been done to fulfill the contract
Something wholly performed before the promise was
made
An act or promise that will be done in future
B (to pay) promised to pay A (to renovate) if A completed his house renovation. What type of consideration is this?
Executory consideration
Beyond Consideration
Executed Consideration
Past Consideration
Adam Danish promised to reward RM2000 to anyone who finds and returns his wallet. Sara Aleesya found and return it to Adam. This is considered as which type of consideration?
Federal Constitution
Executed Consideration
Past Consideration
Executory Consideration
Consideration is...
a set of mutual promises in which each party agrees to give up something to the benefit of the other.
The amount of time one has to accept an offer.
The 5 minutes following an offer that must elapse before an acceptance can take place.
The element of a contract that says the value of what each party is giving up must be equal.
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 🔺
These are various rules governing the law of consideration in Malaysia
Pay payment may discharge an obligation
The consideration must be sufficient but need not be adequate.
The consideration need not move from the promisee.
Natural love and affection is NOT a valid consideration
_____________________ is the central idea that both parties in a contract need to benefit from it.
Consent
Implied
Unilateral
Consideration
Please choose 3 types of consideration?
Executed Consideration
Executory Consideration
Past Consideration
Future Consideration
What is executed Consideration?
An act or promise that will be done in future
An act which has been done to fulfill the contract
Something wholly performed before the promise was
made.
a promise in return for counter promise
What is Past Consideration?
An act or promise that will be done in future
the exchange of anything of value by each party
Something wholly performed before the promise was
made.
An act which has been done to fulfill the contract
What is Executory Consideration?
The other party must accept an offer
An act which has been done to fulfill the contract
Something wholly performed before the promise was
made
An act or promise that will be done in future
Which one is correct about the definition of CONSIDERATION?
They must each receive a benefit and each suffer a detriment.
consideration is concerned with the bargain of the contract
One sided promise is consideration
Something of value in the eyes of the law
B (to pay) promised to pay A (to renovate) if A completed his house renovation. What type of consideration is this?
Executory consideration
Beyond Consideration
Executed Consideration
Past Consideration
Adam Danish promised to reward RM2000 to anyone who finds and returns his wallet. Sara Aleesya found and return it to Adam. This is considered as which type of consideration?
Federal Constitution
Executed Consideration
Past Consideration
Executory Consideration
Which of the following statements best describes the concept of consideration in contract law?
It is the value exchanged between parties in a contract.
It is the time frame within which a contract must be executed.
It is a promise made by one party to another without any exchange.
It refers to the legal capacity of the parties involved.
Which of the following is NOT a requirement for valid consideration?
It must be performed before the contract is signed.
It must be something of value.
It must be legally sufficient.
It must be agreed upon by both parties.
