Meaning of Consideration is a question asked by WAEC in their Business Management WASSCE examination.
In addition to that, it is a sub-topic under law of contract that many people research around the world, especially students (including those writing WASSCE).
Furthermore, WAEC has asked this questions many times in the “BM” WASSCE examination.
Therefore, educareguide is here to assist you in to fully understand this topic very well.
The other ways that questions could be asked on this sub-topic are:
- Explain the term consideration in a contract. Give an example.
- What is meant by consideration in a simple business contract?
- Briefly write short notes on the term consideration, as used in Business? Etc.
Furthermore, the sub-topic is an integral part of the Business Management for Senior High School Students across the West African sub-region.
Now let’s look at the Meaning of Consideration below:
Consideration is some benefit received or an act done by one party in return for another party’s’ promise.
It has been defined as some benefit received by one party who gives a promise or performs an act in return.
It was also defined by the court in Currie V. Misa (1875) as “some right, interest, profit or benefit accruing to one party or some forbearance, detriment, loss, or responsibility given, suffered or undertaken by the other”.
For example, if “A” gives an amount of $1,000 to “B” and “B” promises to deliver a 100 bags of cement to “A”, then the $1,000 is the consideration that “A” has given for the promise of “B”.
I believe Educareguide has been of help to you with regards to your subject of concern. Also there are many other contents we have available to help you in your education.
Furthermore, if there is any contribution/comment/concern that you would want to make, it is warmly welcome on our site. Simply proceed to Login/Register to submit your post.
Now, please, subscribe to Educareguide and contact us for further assistance for your education. Finally, fill the contact form on the side bar to reach us.
Nevertheless, do not forget to pass a comment in the comment section below. Indeed, we will gladly appreciate to know how you think about this article. Thanks.