The concept of consideration is based on the Latin maxim:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → Quid Pro Quo
Quid Pro Quo translates to "something for something." This means that for a contract to be valid, there must be a mutual exchange of benefits between the parties involved. In other words, each party must promise to give or do something of value to the other party.
Here's a brief explanation of the other options:
- Caveat emptor: This means "let the buyer beware." It implies that the buyer is responsible for inspecting goods before purchase and assumes the risk of any defects.
- Audi alterem partum: This means "hear the other side." It emphasizes the importance of fairness and impartiality in legal proceedings.
- Ubi jus Ibi remedium: This means "where there is a right, there is a remedy." It signifies the principle that for every legal wrong, there is a corresponding legal remedy.