alleryStart learning →Consideration given at the same time as the promise is called:
AFuture consideration
BPresent consideration
CPast consideration
DExecutory consideration
Answer & Solution
Correct answer: B. Present consideration
Money received in return for a simultaneous promise to deliver goods is present consideration.
Keep practising Nature of Contracts
Browse all Nature of Contracts questions for CA Foundation, or explore more Businesslaw topics.
Related questions
England passed the Statute of Frauds, favouring written contracts, in:Obligations that are voluntarily undertaken and owed to specific persons are traditionallyA peppercorn in contract law is an example of:If the law does not require a contract to be written, an oral contract is generally:An agreement to agree on key terms later is:In commercial agreements, the presumption is that the parties intend to:Domestic agreements between parent and child are typically:Mutual assent in forming a contract is also called a: