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"A contract without consideration is void" Comment.? |
"A contract without consideration is void" Comment.? hey r u checking on wether we know law or not..Well, i m a law student. The meaning of consideration has been defined in section 2(d) of the Indian contract Act which also specifies that Consideration is one of the essentials of a contract. section 10 states that " An agreement is a contract where it has been entered into by free consent of the parties,competent to contract,with a lawful purpose and for a lawful consideratrion" It is only when a promise is made for something in return that such a promise can be enforced against in a court of law. Subject to certain exceptions, agreements without consideration are void(section 25). exceptions: 1.Agreement made on account of natural love and affection. 2.Agreemnt to compensate for past voluntary services. 3. Agreemnt to pay a time-barred debt. 4.Contract of agency. 5.A gift actually made n completed. Hope thats enough info. Source(s): Indian Contract Act,1872 That just means that in every contract, each party must invest something. It doesn't always have to be equal or even fair, because that is up to the parties involved to decide, but it can't be totally one-sided. An example of a one-sided contract would be 'Sam has agreed to give me his car. Signed, Sam'. In this simplified contract, Sam is the only one investing and the courts will not uphold it. |
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