CONSIDERATION
DEFINATION
“When at the desire of the promisor, the promisee or any other person
(1) has done or abstained from doing or
(2) does or abstains from doing
(3) promises to do or called a consideration for the promise”.
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Understanding Consideration in Contracts: Definition and Essential Requirements, Essays (university) of C programming
The concept of consideration in contracts according to the indian contract act. It defines consideration as an essential condition for the enforceability of a contract and outlines the requirements, including the desire of the promisor, the role of the promisee or other persons, and the types of consideration (past, present, or future). It also discusses the exceptions to the 'no consideration, no contract' rule.
What you will learn
- What are the essential requirements of consideration according to the Indian Contract Act?
- What is consideration in the context of contracts?
- What types of consideration are recognized in contract law?
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CONSIDERATION
DEFINATION
“When at the desire of the promisor, the promisee or any other person (1) has done or abstained from doing or (2) does or abstains from doing (3) promises to do or called a consideration for the promise”.
CONSIDERATION
Sec.2(d) Consideration
Sec.(d) defines consideration as follows : “when at the desire of the promisor , the promesee or any other person (1) has done or abstained from doing or (2) does or abstain s from doing or (3) promises to do or abstain from doing something, such act or abstinence or promise is called a consideration for the promise.” Consideration means something of value in the eyes of law.
(1) CONSIDERATION MUST MOVE AT THE DESIRE OF THE PROMISOR :
Therefore, an act done at the desire of a third party is not a consideration. Consideration must move at promisors desire.
(2) PROMISEE OR ANY OTHER PERSON:
The following are the examples where beneficiary can sue,
though he is not a contracting party.
(i) Trust or charge
(ii) Marriage settlement, partition or other family arrangement
(iii) Acknowledgement or estoppel
(iv) Covenant running with the land
(v) Statutory exceptions
(3) PAST, PRESENT, PROSPECTIVE CONSIDERATION :
(a) Past consideration (executed consideration ) A past consideration is sufficient to sustain a valid contract (b) Present consideration (executed consideration) (c) Future consideration (executory consideration )