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 researched by many people around the world, especially students (including those writing WASSCE)..
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. In detail, these countries include Nigeria, Ghana, Sierra Leone, The Gambia and Liberia.
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”.
To conclude, educareguide can say that Consideration is the price at which a promise is bought.