What Are the Factors That Determine the Existence of Consideration

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The Answer is The existence of consideration is determined by examining whether the person against whom a promise is to be enforced the promisor)received something in return from the person to whom he made the promise the promisee).The "some­thing" that is promised or delivered cannot just be anything: a feeling of pride,warmth,amusement,friendship; it must be something known as a legal detriment-an act,a forbearance,or a promise of such from the promisee.The detriment need not be an actual detriment; it may in fact be a benefit to the promisee,or at least not a loss.At the same time,the "detriment" to the promisee need not confer a tangible benefit on the promisor; the promisee can agree to forego something without that something being given to the promisor.A consideration may even be a promise contingent or an event that may never happen.Moderate

What Are the Factors That Determine the Existence of Consideration

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