Agreement Without Consideration is Valid When Made – MCQ
One of the fundamental principles of contract law is that every contract must be supported by consideration. Consideration refers to the exchange of something of value between the parties to a contract. Without consideration, a contract is generally not enforceable. However, there are some exceptions to this rule, one of which is the concept of an agreement without consideration.
In this article, we will discuss the concept of agreement without consideration, and MCQs based on the same.
What is Agreement without Consideration?
An agreement without consideration refers to a promise made by one party to do something for another party without receiving anything in return. This type of agreement is generally not enforceable, as it does not meet the requirement of consideration. However, there are some exceptions to this rule.
One such exception is an agreement made purely out of love and affection between family members. For example, a father may promise to transfer ownership of his house to his son without receiving any payment in return. This type of agreement is enforceable, even though it lacks consideration, as it is made purely out of love and affection between family members.
MCQs based on Agreement Without Consideration
1. What is the basic principle of contract law?
a. An agreement without consideration is valid
b. A contract must be supported by consideration
c. A contract without consideration is enforceable
d. None of the above
Answer: b
2. What is an agreement without consideration?
a. A promise made by one party to do something for another party without receiving anything in return
b. A promise made by one party to do something for another party in exchange for money
c. A promise made by one party to do something for another party in exchange for goods
d. None of the above
Answer: a
3. Is an agreement made purely out of love and affection between family members enforceable?
a. Yes
b. No
c. It depends on the jurisdiction
d. None of the above
Answer: a
Conclusion
In conclusion, an agreement without consideration is generally not enforceable, as every contract must be supported by consideration. However, there are some exceptions to this rule, one of which is an agreement made purely out of love and affection between family members. It is important to understand these concepts when entering into a contract, to ensure that the contract is enforceable and legally binding.