CIPS Exam L3M3 Topic 2 Question 18 Discussion

Actual exam question for CIPS's L3M3 exam

Question #: 18
Topic #: 2

[All L3M3 Questions]

The expression 'consideration' means:

ABeing over 18 and being of sound mind

BSome form of valuable exchange

CBeing nice to people, in the expectation that they in turn will be nice

DTaking time to think about the gravity of the contract you may be about to be entering into

Show Suggested Answer

Suggested Answer: B

Consideration is one of the essential elements of a contract in English law, and it essentially means the exchange of something of value for something else of value, typically goods or services for money.

Normally it is the price to be paid in exchange for goods or services.

by Gilma at Aug 25, 2024, 12:19 AM

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Kenda

3 months ago

I think the answer is A) Being over 18 and being of sound mind, because that's important in legal contracts.

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Catalina

3 months ago

I'm not sure, but I think it might be D) Taking time to think about the contract.

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Rodolfo

3 months ago

I agree with Tracey, 'consideration' usually involves some kind of exchange.

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Nichelle

3 months ago

Option A is clearly a joke. I mean, being over 18 and of sound mind is the bare minimum for any legal contract. Consideration is so much more than that.

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Izetta

3 months ago

Ha! Considering a contract? Who has time for that these days? I'll just go with whatever gets me through the exam fastest.

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Lakeesha

3 months ago

D) Taking time to think about the gravity of the contract you may be about to be entering into

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Lakeesha

3 months ago

B) Some form of valuable exchange

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Tracey

3 months ago

I think the answer is B) Some form of valuable exchange.

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Lonny

3 months ago

I'm going with C. Being nice to people in the hopes they'll be nice back - that's the essence of consideration, isn't it?

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Tanesha

4 months ago

I'm torn between B and D. Consideration could involve some form of valuable exchange, as well as taking the time to thoughtfully consider the contract.

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