Executory consideration - types of consideration, Business Law and Ethics

Assignment Help:

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.


Related Discussions:- Executory consideration - types of consideration

What is the meaning of remuneration, QUESTION 1 Explain the meaning of ...

QUESTION 1 Explain the meaning of ‘constructive dismissal' with reference to appropriate case law QUESTION 2 (a) What is the meaning of remuneration? (b) What type o

Functions of attorney general, Functions of Attorney general W...

Functions of Attorney general Whereas under sec 26(2) the Attorney General is the principal legal adviser for government of US And whereas he occupies a ministeria

Analytical judgment, FutureEd corp., a Bangladesh based catering company ha...

FutureEd corp., a Bangladesh based catering company has decided to extend its catering business in the main divisional cities. They have come up with the decision to open up some r

Give detail explanation of credibility problem, Give detail explanation of ...

Give detail explanation of Credibility problem There are indications that such credibility problem stems from a tension between the goal of encouraging innovation and investme

What are the elements in the tort of negligence, What are the elements in t...

What are the elements in the tort of negligence? There should be two elements, in tort as: a. The breach of legal duty or injuria. b. Loss suffered through defendant damn

Extraordinary universal meetings, Extraordinary Universal Meetings: S....

Extraordinary Universal Meetings: S.132(1) provides for the convening of "extraordinary" general meeting but does not define it.  Neither is the word "extraordinary" defined i

Explain ensuring good corporate governance, QUESTION 1 What measures do...

QUESTION 1 What measures do you consider important in ensuring good corporate governance? Explain why QUESTION 2 Explain the nature of the relationship among a bank and

Capacity - sales of goods, Capacity - Sales of goods Through S.4 (1) p...

Capacity - Sales of goods Through S.4 (1) provides such capacity to buy and to sell is governed through the natural law concerning capacity for contract. Although where necess

Liability , Liability: Liability under the section may arise on the de...

Liability: Liability under the section may arise on the death of a member if the death reduces the membership below the statutory minimum for the particular company and:

What are the origins of open method of coordination, What are the origins o...

What are the origins of open method of coordination The origins of the OMC lie in the Lisbon European Council (March 2000), which made its introduction as the primary means of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd