ACCA F4 - Corp and Business Law (ENG)

72 4: Formation of contract II  Part B The law of obligations

Answers to Quick Quiz

1 Executed consideration is an act in return for a promise such as paying for goods when the shopkeeper

hands them over. Executory consideration is a promise given for a promise, such as promising to pay for

goods that the shopkeeper puts on order for you.

2 True. Past consideration is not valid consideration for a new contract.

3 (1) adequate, (2) sufficient

4 (1) Charlotte, (2) Privity of contract

5 True (as in Stilk v Myrick)

Now try the questions below from the Practice Question Bank

Number

8, 9