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







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