Executory consideration - types of consideration, Business Law and Ethics

Executory Consideration - Types of Consideration

Although Executory consideration consists of a promise made about one party and a promise made through the other party to the contract.  Thus the party exchange mutual promises.  Since performance of the obligations remain in futura.  Well it is good considerations about support a claim.

Examples

Some conditions are as follow:

  1. Whereas an unmarried man and a lady agree to be married in the near future. But nothing has been done yet then there is a contract to marry between them from the moment so they exchange their promises. Well the lady's promise is the price that she pays for the man's promise, and such the man's promise is the price he pays to the lady's promise.
  2. Second is Onyango goes to Munene's shop on the tenth day to the month and asks Munene, a tailor, for make a suit for him. Then he promises to pay for the suit on the end of the month. Munene takes Onyango's measurements and promises for have the suit ready on the last day to the month.

However Onyango's promise is the consideration or price to Munene's promises so, and Munene's promise is the consideration or price with Onyango's promise.

Posted Date: 1/22/2013 2:47:05 AM | Location : United States







Related Discussions:- Executory consideration - types of consideration, Assignment Help, Ask Question on Executory consideration - types of consideration, Get Answer, Expert's Help, Executory consideration - types of consideration Discussions

Write discussion on Executory consideration - types of consideration
Your posts are moderated
Related Questions
Domestic or Family Agreements - Elements of Contract However there is a rebuttable presumption such the parties did not intend for create legal relations as: 1. Agreements

Q. Show the Criminal conduct definition of phoenix activity? Master Builders argued that the definition of phoenix activity should focus on the existing sections of corporation

Technique of Reference to Arbitration Whereas a dispute may be referred to arbitration through like as; The parties in accordance by the agreement and The court wh

Q. Show the Suggested actions to address phoenix activity? There have been a range of options identified by previous works on phoenix activity, such as the Cole Inquiry and Tre

Scheme of Arrangement: The following sequence of action is necessary:  (a) application is made to the court (usually by the company itself) for an order that one or more me

LEGAL LIABILITY FOR LABORATORY ACCIDENTS IN EDUCATIONAL INSTITUTIONS : As mentioned in some of the earlier sections, law is not directly available to decide legal liability for la

Explain the Law of the Sea Convention 1982 The Law of the Sea Convention 1982 did not create a new area of law, as laws governing the sea date back to the dawn of maritime his

Mr. Hellerstein is a professor at Tahoe Law School located in Tahoe California. He lives in Nevada and commutes to Tahoe Law School, which is only a 50-mile, commute one way.  Duri

Firm Name - Partnership Law Lawfully the firm name is simply a convenient way about alluding to the existing partners.  However an authority to lend to a firm does not aut

Restricted Names:  Section 17)1) of the Registration of Business Names Act provides that no company shall be registered under a business name: (a)     which contains any wo