Consideration – Knowsia

POBL – JUL 2020 – L1 – Q2 – Consideration in Simple Contracts

Discuss the exception to the general rule that simple contracts require consideration, define consideration in contract law, and state the various conditions for valid consideration supported by decided cases.

Question

Every simple contract must be supported by consideration. If it is not so supported, it is treated as gratuitous and without legal effect”

Required:

(i) What is the exception to this general rule?

(ii) What is consideration in contract?

(iii) Supported by decided cases state the various conditions for a valid consideration.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Implications, Consideration, Decided Cases, Definition, Exceptions, Simple contracts, Valid conditions
Level: Level 1

Topic: Contract Law
Series: JULY 2020

PBL – OCT 2022 – L1 – Q4 – Principles of Consideration in Contract Law

Explain the Common Law Principles governing consideration in the law of contract.

Question

Explain the Common Law Principles governing consideration in the law of contract.

(20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Contracts, Common Law Principles, Consideration, Contract Law, Essentials of Contract
Level: Level 1

Topic: Contract Law
Series: OCT 2022

PBL – APR 2023 – L1 – Q8 – Ingredients of a Valid Contract

State the ingredients for a valid contract beyond intention to create legal relations.

Question

“A contract is an agreement with the intention to have legal relations”. State the other ingredients for a valid contract. (20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance, Capacity, Consideration, Contract Essentials, Legality, Offer, Valid Contract
Level: Level 1

Topic: Contract Law
Series: APR 2023

PBL – APR 2014 – L1 – Q7 – Consideration in Contract Law

Explanation of the principle that consideration must be sufficient but not adequate, and application to a scenario involving partial debt settlement.

Question

A) “Consideration must be real or sufficient but need not be adequate”. Explain

B) A owed B the sum of GHS1,000.00. B promised to accept the sum of GHS500.00 from A in full settlement of the debt. A agreed and made payment to B accordingly. B now demands the payment of the balance of GHS500.00. Explain whether or not B can succeed.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contract Essentials, Debt settlement, Promissory Estoppel, Sufficiency vs Adequacy
Level: Level 1

Topic: Contract Law
Series: APRIL 2014

BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions

Objective question on the form of consideration in hire purchase agreements.

Question

13. The consideration for a hire purchase is
A. Payment of shares
B. Price of goods
C. Installmental payment
D. Bill of exchange
E. Cost of goods

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Hire Purchase, Installment Payment, Payment Terms
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2020

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

Question

State briefly the elements of a valid contract.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contracts, Intention to Create Legal Relations, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – May 2014 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions

Understanding the term for possession in hire purchase after payment.

Question

In hire purchase transaction, the hirer is put in possession of goods on payment of the consideration known as ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Hire Purchase, Possession
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2014

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

Question

A contract may be valid without consideration if it
A. Has exclusion term
B. Has warranty
C. Is by deed
D. Is implied
E. Is made express

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contract, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – May 2024 – L1 – SB – Q3b – Law of Contract

State and explain four rules that govern consideration in contracts.

Question

Consideration is an element of a contract.
Required:
State FOUR rules that govern consideration. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Consideration, Contracts, Legal Rules
Level: Level 1

Topic: Law of Contract
Series: MAY 2024

BL – May 2015 – L1 – SA – Q18 – Law of Contract

Identify the consideration in a contract of insurance.

Question

The consideration in a contract of insurance is
A. Subrogation
B. Premium
C. Assignment
D. Policy
E. Money

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Insurance
Level: Level 1

Topic: Law of Contract
Series: MAY 2015

POBL – JUL 2020 – L1 – Q2 – Consideration in Simple Contracts

Discuss the exception to the general rule that simple contracts require consideration, define consideration in contract law, and state the various conditions for valid consideration supported by decided cases.

Question

Every simple contract must be supported by consideration. If it is not so supported, it is treated as gratuitous and without legal effect”

Required:

(i) What is the exception to this general rule?

(ii) What is consideration in contract?

(iii) Supported by decided cases state the various conditions for a valid consideration.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Implications, Consideration, Decided Cases, Definition, Exceptions, Simple contracts, Valid conditions
Level: Level 1

Topic: Contract Law
Series: JULY 2020

PBL – OCT 2022 – L1 – Q4 – Principles of Consideration in Contract Law

Explain the Common Law Principles governing consideration in the law of contract.

Question

Explain the Common Law Principles governing consideration in the law of contract.

(20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Contracts, Common Law Principles, Consideration, Contract Law, Essentials of Contract
Level: Level 1

Topic: Contract Law
Series: OCT 2022

PBL – APR 2023 – L1 – Q8 – Ingredients of a Valid Contract

State the ingredients for a valid contract beyond intention to create legal relations.

Question

“A contract is an agreement with the intention to have legal relations”. State the other ingredients for a valid contract. (20 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance, Capacity, Consideration, Contract Essentials, Legality, Offer, Valid Contract
Level: Level 1

Topic: Contract Law
Series: APR 2023

PBL – APR 2014 – L1 – Q7 – Consideration in Contract Law

Explanation of the principle that consideration must be sufficient but not adequate, and application to a scenario involving partial debt settlement.

Question

A) “Consideration must be real or sufficient but need not be adequate”. Explain

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contract Essentials, Debt settlement, Promissory Estoppel, Sufficiency vs Adequacy
Level: Level 1

Topic: Contract Law
Series: APRIL 2014

BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions

Objective question on the form of consideration in hire purchase agreements.

Question

13. The consideration for a hire purchase is
A. Payment of shares
B. Price of goods
C. Installmental payment
D. Bill of exchange
E. Cost of goods

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Hire Purchase, Installment Payment, Payment Terms
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: NOV 2020

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

Question

State briefly the elements of a valid contract.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contracts, Intention to Create Legal Relations, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – May 2014 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions

Understanding the term for possession in hire purchase after payment.

Question

In hire purchase transaction, the hirer is put in possession of goods on payment of the consideration known as ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Hire Purchase, Possession
Level: Level 1

Topic: Hire Purchase and Consumer Credit Transactions
Series: MAY 2014

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

Question

A contract may be valid without consideration if it
A. Has exclusion term
B. Has warranty
C. Is by deed
D. Is implied
E. Is made express

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Contract, Legal Requirements
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – May 2024 – L1 – SB – Q3b – Law of Contract

State and explain four rules that govern consideration in contracts.

Question

Consideration is an element of a contract.
Required:
State FOUR rules that govern consideration. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Consideration, Contracts, Legal Rules
Level: Level 1

Topic: Law of Contract
Series: MAY 2024

BL – May 2015 – L1 – SA – Q18 – Law of Contract

Identify the consideration in a contract of insurance.

Question

The consideration in a contract of insurance is
A. Subrogation
B. Premium
C. Assignment
D. Policy
E. Money

Answer

Find Related Questions by Tags, levels, etc.

Tags: Consideration, Insurance
Level: Level 1

Topic: Law of Contract
Series: MAY 2015

Question Tag: Consideration

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POBL – JUL 2020 – L1 – Q2 – Consideration in Simple Contracts

Discuss the exception to the general rule that simple contracts require consideration, define consideration in contract law, and state the various conditions for valid consideration supported by decided cases.

You're reporting an error for "POBL – JUL 2020 – L1 – Q2 – Consideration in Simple Contracts"

PBL – OCT 2022 – L1 – Q4 – Principles of Consideration in Contract Law

Explain the Common Law Principles governing consideration in the law of contract.

You're reporting an error for "PBL – OCT 2022 – L1 – Q4 – Principles of Consideration in Contract Law"

PBL – APR 2023 – L1 – Q8 – Ingredients of a Valid Contract

State the ingredients for a valid contract beyond intention to create legal relations.

You're reporting an error for "PBL – APR 2023 – L1 – Q8 – Ingredients of a Valid Contract"

PBL – APR 2014 – L1 – Q7 – Consideration in Contract Law

Explanation of the principle that consideration must be sufficient but not adequate, and application to a scenario involving partial debt settlement.

You're reporting an error for "PBL – APR 2014 – L1 – Q7 – Consideration in Contract Law"

BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions

Objective question on the form of consideration in hire purchase agreements.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions"

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q2c – Law of Contract"

BL – May 2014 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions

Understanding the term for possession in hire purchase after payment.

You're reporting an error for "BL – May 2014 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions"

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

You're reporting an error for "BL – May 2018 – L1 – SA – Q11 – Law of Contract"

BL – May 2024 – L1 – SB – Q3b – Law of Contract

State and explain four rules that govern consideration in contracts.

You're reporting an error for "BL – May 2024 – L1 – SB – Q3b – Law of Contract"

BL – May 2015 – L1 – SA – Q18 – Law of Contract

Identify the consideration in a contract of insurance.

You're reporting an error for "BL – May 2015 – L1 – SA – Q18 – Law of Contract"

POBL – JUL 2020 – L1 – Q2 – Consideration in Simple Contracts

Discuss the exception to the general rule that simple contracts require consideration, define consideration in contract law, and state the various conditions for valid consideration supported by decided cases.

You're reporting an error for "POBL – JUL 2020 – L1 – Q2 – Consideration in Simple Contracts"

PBL – OCT 2022 – L1 – Q4 – Principles of Consideration in Contract Law

Explain the Common Law Principles governing consideration in the law of contract.

You're reporting an error for "PBL – OCT 2022 – L1 – Q4 – Principles of Consideration in Contract Law"

PBL – APR 2023 – L1 – Q8 – Ingredients of a Valid Contract

State the ingredients for a valid contract beyond intention to create legal relations.

You're reporting an error for "PBL – APR 2023 – L1 – Q8 – Ingredients of a Valid Contract"

PBL – APR 2014 – L1 – Q7 – Consideration in Contract Law

Explanation of the principle that consideration must be sufficient but not adequate, and application to a scenario involving partial debt settlement.

You're reporting an error for "PBL – APR 2014 – L1 – Q7 – Consideration in Contract Law"

BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions

Objective question on the form of consideration in hire purchase agreements.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q13 – Hire Purchase and Consumer Credit Transactions"

BL – Nov 2011 – L1 – SB – Q2c – Law of Contract

Identifying and explaining the elements of a valid contract.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q2c – Law of Contract"

BL – May 2014 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions

Understanding the term for possession in hire purchase after payment.

You're reporting an error for "BL – May 2014 – L1 – SA – Q9 – Hire Purchase and Consumer Credit Transactions"

BL – May 2018 – L1 – SA – Q11 – Law of Contract

Identify when a contract may be valid without consideration.

You're reporting an error for "BL – May 2018 – L1 – SA – Q11 – Law of Contract"

BL – May 2024 – L1 – SB – Q3b – Law of Contract

State and explain four rules that govern consideration in contracts.

You're reporting an error for "BL – May 2024 – L1 – SB – Q3b – Law of Contract"

BL – May 2015 – L1 – SA – Q18 – Law of Contract

Identify the consideration in a contract of insurance.

You're reporting an error for "BL – May 2015 – L1 – SA – Q18 – Law of Contract"

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