The three essential characteristics of valid consideration are:
A) accuracy, brevity, and clarity.
B) fulfillment of social, moral and ethical obligations.
C) legality, adequacy, and the possibility of performance.
D) intention, practices, and policies.

Question

Quizplus · Accepted Answer

Validity of consideration requires three essential characteristics: legality, adequacy, and the possibility of performance. Legality refers to the requirement that the consideration must not violate any legal principles or regulations. Adequacy refers to the requirement that the consideration must be reasonable and fair in relation to the value of the promise or performance. Possibility of performance refers to the requirement that the consideration must be capable of being performed at the time of making the contract. Accuracy, brevity, clarity, fulfillment of social, moral and ethical obligations, intention, practices, and policies are not essential characteristics of valid consideration.

The Three Essential Characteristics of Valid Consideration Are