SECTION B SHORT ANSWERS 40 MARKS (ALL QUESTIONS ARE COMPULSORY - Suggested Time 75 minutes) 1. Explain the following rules of Consideration (15 Marks) a. Consideration must be 'sufficient' but need not be 'adequate' b. Past Consideration is no consideration c. Consideration must move from the promisee but need not move to the promisor 2. What is the difference between a "condition' and a 'warranty'? (5 Marks) 3. What is a 'fundamental breach"? (5 Marks) 4. Examine whether the following obligations can be considered as Consideration in a contract (15 Marks) a. Obligations which arise under the law, independently of any contract b. Obligations which are owed under a contract with a third party. c. Obligations which exist under a contract with a person who has made a new promise, for which the existing obligation is alleged to provide good consideration