CIPS Exam L3M3 Topic 4 Question 24 Discussion

Actual exam question for CIPS's L3M3 exam

Question #: 24
Topic #: 4

[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 Ligia at Sep 17, 2024, 02:20 PM

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Leanora

2 months ago

Option B all the way. Consideration is the legal term for the exchange of value in a contract. Not just about being a good person.

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Cordelia

3 months ago

Haha, option C sounds like something my grandma would say. 'Just be nice to everyone and they'll be nice back!' Not how the legal system works, folks.

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Shawna

2 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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Aleisha

2 months ago

B) Some form of valuable exchange

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Meghann

2 months ago

A) Being over 18 and being of sound mind

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Lucina

3 months ago

This is easy - B is the answer. I learned this in my business law class. Consideration is about exchanging something of value, not just being a nice person.

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Lourdes

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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Nicholle

3 months ago

I agree with Royal. Consideration is about both parties giving something of value.

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Delsie

3 months ago

I'm going with D. Taking the time to carefully consider the implications of a contract is what consideration is all about.

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Caitlin

2 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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Ricki

2 months ago

C) Being nice to people, in the expectation that they in turn will be nice

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Winfred

2 months ago

B) Some form of valuable exchange

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Refugia

2 months ago

A) Being over 18 and being of sound mind

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Ocie

3 months ago

Option B seems to be the correct answer. Consideration is a legal term that refers to something of value being exchanged, not just being nice to people.

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Charlette

2 months ago

Option B seems to be the correct answer. Consideration is a legal term that refers to something of value being exchanged, not just being nice to people.

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