A party who promises to complete a job according to the terms of a contract signed in the past has not given consideration due to past consideration.

Question

Quizplus · Accepted Answer

Promising to complete a job according to the terms of a contract signed in the past is considered a present consideration, not a past consideration. Past consideration refers to something that was done in the past and is used as a basis for a new promise or contract. In the scenario given, there is no mention of any past action being considered as consideration for the new promise to complete the job. Therefore, the statement is false.

A Party Who Promises to Complete a Job According to the Terms