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

Power to dispense with the word limited, Power to dispense with the word "L...

Power to dispense with the word "Limited":                             Although s.5 provides that the last word of the name of a limited company must be "limited" this would n

Domicile of dependence, Domicile of Dependence Moreover this is the do...

Domicile of Dependence Moreover this is the domicile a person acquires by virtue of legal dependency. Hence it is determined through the domicile of the other person. Howev

Probabilities for various ratios, I am an executive being transferred from ...

I am an executive being transferred from my home city on the west coast to one in the Midwest. I know nothing about the city I'm moving to, but I have to buy a house there. Realtor

Proxies - meetings and resolutions, PROXIES - meetings and resolutions: ...

PROXIES - meetings and resolutions: By S.136(1), any member of a company entitled to attend and vote at a meeting of the company shall be entitled to appoint one more person (

Explain the role of ethics in entrepreneurship, 1. Explain the role of ‘Eth...

1. Explain the role of ‘Ethics' in Entrepreneurship. 2. What do you understand by ‘Public Limited Company'? 3. Difference between ‘Intrapreneur' & ‘Intrepreneur'. 4. What is ‘Copyr

Defines controlled delivery, Defines Controlled delivery This conventio...

Defines Controlled delivery This convention legalized the act of Controlled delivery and defines "Controlled delivery" as "the technique of allowing illicit or suspect consignm

Financial statements, what kind of thing should an analyst keep in mind whe...

what kind of thing should an analyst keep in mind when evaluating financial statements?

Define the term - authoritative government decision, Define the term - auth...

Define the term - authoritative government decision We can sum up by way of saying that the intent to implement a policy is not the same thing as a real policy. Failure to impl

Legislated to combat computer misuse and cybercrimes, QUESTION 1 Domain...

QUESTION 1 Domain names deliver the address of companies on the Internet and are equivalent to the business address in the physical world. As more and more companies utilize th

Void contracts - law of contract, Void Contracts - Law of Contract Whe...

Void Contracts - Law of Contract Whereas  the Infant's Relief Act 1874 of the UK applies to the US as a statute of general application such was in force in the UK on date 12 A

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