Consideration Must Have a Value That Is Recognised by the Law

question 29

True/False

Consideration must have a value that is recognised by the law.

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Definitions:

Life Estate

An interest in land ending at death of the estate holder.

Co-Owner

An individual or entity that holds ownership rights in property or assets jointly with one or more parties.

Court Order

An official directive issued by a judge that requires a person or entity to do or refrain from doing something.

Restrictive Covenant

In property law, a condition imposed by the seller as to what the purchaser can use the land for; in employment law, a commitment not to work in a certain geographical area for a designated period of time.