Question

Which value are taken into consideration while making rules?​

Answer 1

Answer:

Legal Rules Regarding Consideration

Enforcing any legal contract requires it to have an element of consideration included in it. In simple words, it is nothing but a price that the promisee agrees to pay to the promisor. Now, this price can be paid as a benefit to the promisor and/or a loss or detriment to the promisee. In this article, we will look at this dual aspect of consideration in detail.

Answer 2

Example 1 – Doing something

Peter and John enter into a contract where Peter promises to deliver 15 curtains to John in one month’s time. Also, John promises to pay Peter an amount of Rs 3,000 on delivery. In this contract, John’s promise to pay Rs 3,000, on delivery, is the consideration for Peter’s promise. Also, Peter’s promise of delivering 15 curtains is the consideration of John’s promise to pay.

Example 2 – Not doing something

Peter has taken a loan from his friend John. However, he has not repaid the loan yet. John promises not to file a suit against Peter if he promises to repay the loan within a week. In this case, abstinence on the part of John is due to the consideration of Peter’s promise of repayment of the loan.