Question

Consideration must have the value equivalent to the value of the promise made. State with reasons, whether this statement is true or false.​

Answer 1

Explanation:

Consideration' means “something in return”, i.e. quid pro quo that is an essential element to find out the genuine intention of the parties of the promise to create legal relationship. Consideration is an essential component of a valid contract. Consideration is the price for the contract.

Each party must make a promise, perform an act, or forbear (refrain from doing something). 2.)

consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act.