Asked by Jackson Levine on May 02, 2024
Verified
Which of the following is a correct statement regarding past consideration?
A) It is not consideration that will support a binding contract.
B) It is consideration that will support a binding contract.
C) It is consideration that can support a binding contract,but only in a transaction that relates to the employment setting.
D) It is consideration that can support a binding contract,but only in a transaction that concerns the provision of services.
E) It is consideration that can support a binding contract,but only in a commercial context.
Past Consideration
Refers to something of value that was given or an act that was performed in the past, which cannot be considered valid consideration for a current contract.
Binding Contract
A binding contract is an agreement between two or more parties that is enforceable by law, signaling that all parties have accepted the terms whether written or oral.
Employment Setting
Refers to the place or context in which employment occurs, including physical locations, organizational environments, and remote or virtual workplaces.
- Explore the fundamental idea and elements of consideration in the making of contracts.
- Understand the legal stance on past consideration and its effect on contract enforceability.
Verified Answer
ZK
Zybrea KnightMay 03, 2024
Final Answer :
A
Explanation :
Past consideration is no consideration at all.
Learning Objectives
- Explore the fundamental idea and elements of consideration in the making of contracts.
- Understand the legal stance on past consideration and its effect on contract enforceability.