Reference no: EM13655163

(a) Enumerate three of the circumstances when past consideration will be regarded as good and acceptable consideration.

(b) Mr. Okonkondem is a very wealthy businessman. On a Sunday evening, he was driving along Ikorodu Road on his way to Lagos International Club when a man dashed across the road. He swerved violently to avoid hitting the man without success.

The man later died in the hospital. In the meantime, the Police arrested Mr. Okonkondem and charged him to Court for dangerous driving and manslaughter.

Haruna and Tope were the only two witnesses to the incident but they refused to come to court to give evidence in favour of Mr. Okonkondem. The Police, therefore, applied for and obtained a subpoena to compel them to appear in court. In addition, Mr. Okonkondem promised each of them N100,000.00. After this, they appeared in court and Mr. Okonkondem was discharged and acquitted but later reneged on his promise. They have decided to sue him for breach of contract.

Advise Mr. Okonkondem.