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Executed Consideration vs. Executory Consideration

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Executed Consideration vs. Executory Consideration

  • This topic has 1 reply, 2 voices, and was last updated 7 months ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
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  • June 25, 2022 at 5:30 pm #659289
    kamran.khan
    Member
    • Topics: 13
    • Replies: 6
    • ☆

    Jo promises to pay a reward for the return of her lost phone. Mia finds the phone and returns
    it to Jo.

    Which of the following types of consideration has Mia provided?
    A Executed consideration
    B Executory consideration
    C Past consideration
    D Insufficient consideration

    Correct Answer is stated as A. Why is it not B Mike since the Mia must have found the phone at later time/date. It is not like that the Jo promises Mia and the Mia has Jo’s phone in other hand and handed over the same to Jo. If this would have been the case then it must have been Executed Consideration. Logical. But finding the phone is an exercise that needed to be carried out upon accepting Jo’s promise. Why it is not Executory Consideration then?

    June 25, 2022 at 8:07 pm #659294
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22713
    • ☆☆☆☆☆

    In olden times when beheading was a punishment for criminals in England, when a person was executed, that was it! Job finished. Game over

    Same with consideration. When consideration is completed, it’s done, finished. Executed

    If I offer to sell you my car for €1,000 euros and you accept that offer (this is for illustration purposes only and is not intending to create legal relations) if I then allow you to take the car away with you, so far as I am concerned, my side of the agreement is completed. My consideration (the car) has been delivered

    But from your point of view, you’ve still not paid me the €1,000 so your consideration (the money) has not been delivered and is therefore executory

    Executed = done Executory = still to be done

    OK?

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