MGT611 Assignment 1 Solution Spring 2018

Dear VU (Virtual University of Pakistan) Students, here you can read or Download MGT611 Business and Labor Law Assignment No 1 Solution and Discussion of Semester Spring 2018. This assignment covers lesson no. 1-8. Total Marks are 10. Assignment Total Marks 10. We are here to facilitate your learning and we do not appreciate the idea of copying or replicating solutions. You can also like for latest update our Facebook page, YouTube channel and follow on Google+.

Topic to be tested:   

• Consideration

Learning objective:
Through this assignment, the students are expected to be able to analyze definition of “consideration” with reference to the Contract Act 1872.
Tasks - A
“Consideration” is defined as a promise to do something, forbearance of something or something in return. Considering this definition, answer the following questions:

1. Will “anything” be considered a valid consideration by law, irrespective of its value or materiality?
2. Is existence of mutual promise necessary to accept that there is a consideration? What if a father gives his car to his son without taking any money?
3. Provide an illustration where forbearance may be deemed a good consideration.

Tasks - B
Explain the below mentioned concepts related to the “scope of consideration” with the help of suitable examples:

1. Consideration must be conducive to contract
2. Consideration at the desire of third party
3. Concept of inadequate consideration
4. Past consideration

Note: Consider following points while preparing solution:
Do not take examples from the course handouts, instead create your own.
Be honest and perform this task putting your own mental efforts.

Do not share your solution to the other students. Alternatively, do not get or copy solution from any other student or any source. Copied solution will be marked as Zero.

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