Question

The essential elements of a valid consideration is/are_____.

• A. It should move at the desire of the promisee
• B. It may move from promisee or any other person
• C. It may be past, present or future
• D. All of the above

Answer 1

The correct option is D All of the above

1. Consideration must move at the desire of the promisor:

In order to constitute legal consideration, the act or abstinence forming the consideration for the promise must be done at the desire or request of the promisor. Thus acts done or services rendered voluntarily, or at the desire of third party, will not amount to valid consideration so as to support a contract.

2. Consideration may move from the promisee or any other person:

The second essential of valid consideration, as contained in the definition of consideration in Section 2(d), is that consideration need not move from the promisee alone but may proceed from a third person.

Thus, as long as there is a consideration for a promise, it is immaterial who has furnished it. It may move from the promisee or from any other person. This means that even a stranger to the consideration can sue on a contract, provided he is a party to the contract.

3. Consideration may be past, present or future:

The words, “has done or abstained from doing; or does or abstains from doing; or promises to do or to abstain from doing,” used in the definition of consideration clearly indicate that the consideration may consist of either something done or not done in the past, or done or not done in the present or promised to be done or not done in the future. To put it briefly, consideration may consist of a past, present or a future act or abstinence.