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Business and Labor Law (MGT611)
Due Date: 10 May 2018 Total Marks: 10
Topic to be tested: Consideration
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)
a) Will “anything” be considered a valid consideration by law, irrespective of its value or
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?
c) Provide an illustration where forbearance may be deemed a good consideration.
Tasks - B
Explain the below mentioned concepts related to the “scope of consideration” with the help of
suitable examples: (4 Marks)
a) Consideration must be conducive to contract
b) Consideration at the desire of third party
c) Concept of inadequate consideration
d) Past consideration
Note: Consider following points while preparing solution:
• Do not take examples from the course handouts, instead create your own.
• Be honest and perform this task putting your own mental efforts.
• Do not share your solution to the other students. Alternatively, do not get or copy solution
from any other student or any source. Copied solution will be marked as Zero.
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