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Whenever a contract is made, there is a price associated with it. It is the value offered and accepted by people or companies. In simple terms, consideration is something in return. As per section 2(d), the definition of consideration is as follows: “When at the desire of the promisor, the promise or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise." Consideration is the foundation on which any contract is built. The law would enforce only those promises that are made as part of the consideration. Let us break down every part of the consideration definition in law: · Consideration has to move as per the desire of the promisor. · Consideration may move from the promise to another person. · Consideration might be in the past, present, or future. · Consideration does not need to be adequate. · Consideration must be real and not illusory. · Illegal or immoral acts are not considered.
Under Priority 2 of the Union Budget 2024-25, which of is designed to incentivize job creation in the manufacturing sector?
International Financial Services Centre is established under Section ………. of Special Economic Zones Act, 2005
Under the _________ method, the semi variable costs are not classified into fixed and variable costs.
Which one of the following is NOT one among perspectives given by “Anderson and Anderson’s Change Model”?
Which of the following are the powers and functions of the Authority as laid down under the IFSCA Act?
What is the ratio of money held by the public in currency to that held as deposits in commercial banks called?
Protection of paying banker against forged endorsement in Bearer Cheques is available under which section of NI Act?
What can be the maximum proportion of base size for anchor investors can be decided by an issuer at EBP?
It is a special account that a firm prepares to show the distribution of profits/losses among the partners or shareholders. Name of such account is:
Key advantages of financing through debentures and bonds are?