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

Three main categories of international humanitarian laws, There are three m...

There are three main categories of international humanitarian laws: 1) The Hague conventions 2) The Geneva conventions 3) The additional protocols

Application of the unwritten sources, APPLICATION OF THE UNWRITTEN SOURCES ...

APPLICATION OF THE UNWRITTEN SOURCES OF ENGLAND LAW: Conversely it is a rule of England Law that unwritten laws are to be applied subject to the provisions' that any applicabl

Fiduciary duties - company management, Fiduciary Duties: The fiduciary...

Fiduciary Duties: The fiduciary duties of directors arising from their fiduciary relation to the company have been the subject of consideration in an enormous body of case law

Provision of fiduciary duties - company management, Provision of Fiduciary ...

Provision of Fiduciary Duties - company management: This provision is supplemented by Article 84 of Table A which provides that-  i. The director shall not vote in respect

Identify the ethical issues, Mr. Gomez a former managing partner of the Gra...

Mr. Gomez a former managing partner of the Grant Thornton accounting firm, is currently serving first half of a 12- year prison term. In 1986, 39 year old Gomez pleaded guilty t

Regulations regarding experiments on animals, REGULATIONS REGARDING EXPERIM...

REGULATIONS REGARDING EXPERIMENTS ON ANIMALS : You may be aware that experiments on animals are performed in the laboratories of educational and research institutions. You should k

Illustrate the economic and social council of united nations, Illustrate th...

Illustrate the Economic and Social Council of United Nations. UN Economic and Social Council: The Economic and Social Council (ECOSOC) functions as the central forum for

Why international law is very different from domestic law, Why Internationa...

Why International law is very different from domestic law International law is very different from domestic law because in domestic disputes there are Courts to adjudicate upon

International competition law, International Competition Law -  Select...

International Competition Law -  Select a specific industry or corporation and analyse the factors that determine a competitive or anticompetitive outcome; - Factors such a

Describe the policy making realities, Describe the policy making realities ...

Describe the policy making realities Rational models simply do not describe policy making realities. As policy actors seldom evaluate very many alternatives for action or compa

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