I m pasting my solved assignment for all my fellows.Plz 1st read it carefull and if you consider it right then you can follow it other wise not but according to me its fine but still I can not guarantee you about the getting maximum marks.

Business and Labor Law (MGT611)

Assignment no 1

Due Date:

10 May 2018

 

Consideration Learning objective:

 

Through this assignment, the students are expected to be able to analyze definition of “consideration” with reference to the Contract Act 1872.

 

Tasks - A

“Consideration” is defined as a promise to do something, forbearance of something or something in return. Considering this definition, answer the following questions: (6 Marks)

 

Will “anything” be considered a valid consideration by law, irrespective of its value or materiality?
 

Answer: Not every thing could be considered as valid consideration irrespective of its value or materiality as some of things could be illegal regarding laws and regulations and 2nd consideration must be conducive to contract.

 

b) Is existence of mutual promise necessary to accept that there is a consideration? What if a father gives his car to his son without taking any money?
 

Answer: Yes mutual promise is necessary to accept in a consideration.

This is the example of natural love and affection but it would be valid when it will be given as a registered gift to be considered as a consideration.

 

Provide an illustration where forbearance may be deemed a good consideration.
 

Answer: Acceptance of a liability by the debtor of an amount more than the amount advanced by the creditor shall be treated as a good conseideration.

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