Which element deals with premium in a valid contract

Home / Commerce / Insurance / Question

Examveda

Which element deals with premium in a valid contract?

A. Consideration

B. Offer and Acceptance

C. Free Consent by the parties to the contract

D. Capacity to contract

Answer: Option A

Consideration deals with premium in a valid contract. Consideration means “something in return” (quid pro quo).

This Question Belongs to Commerce >> Insurance