What Is the Significance of the Court of Appeal's Judgment

question 8

Multiple Choice

What is the significance of the Court of Appeal's judgment in MWB Business Exchange Centres Ltd v Rock Advertising (2016) in relation to 'practical benefit' as consideration for contract modifications?

• A) 'Practical benefit' can apply in cases where there is a promise to accept less for the same as well as to promises to pay more for the same.
• B) 'Practical benefit' can only apply to promises to pay more for the same and not promises to accept less for the same.
• C) There will be 'practical benefit' in all cases where the parties agree to a contract modification.

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Definitions:

Responsibilities

Duties or obligations assigned to individuals or organizations, requiring them to act in certain ways or achieve specific outcomes.

Electronic Funds Transfer

The electronic exchange or transfer of money from one account to another, either within the same financial institution or across different institutions, through computer-based systems.

Bank Deposits

Money placed into a banking institution for safekeeping, which can include savings accounts, checking accounts, and certificates of deposit.

Petty Cash Management

The process of overseeing and controlling the petty cash fund, a small amount of cash on hand used for minor expenses.