Agreement Is Enforceable Without Consideration

Ranganyakamma v. K S Prakash[6] , A power of attorney was exercised by a sister who waived her right to participate in common family property for the benefit of Re 1, but out of love and affection for the brother who also authorized the brother to enter into a divisional agreement in his name. The document was written and recorded. It was bound by its promise, for it was fully covered by the exception. (iii) If it is a promise to pay a prescription debt, is that agreement a written and signed undertaking by the accused or expressly authorized by his or her representative in general or expressly on that behalf, a claim for which the creditor could have executed the payment, but to pay all or part of the law limiting legal action? Restoration allows, in certain circumstances, to enforce contracts on previous considerations. Section 86, “Promises of Benefits Received,” states that the review is another essential and most important element of an agreement. According to Section 2 (d) of the Indian Contract Act of 1872, “if the promise or any other person makes or has renounced something at the request of the promise, or abstains or undertakes to make or refrain from making or abstaining, such an act or promise is designated as a consideration of the promise”[3] An agreement cannot be reached without consideration. For example, A agrees to sell his car for free to B. It is not an agreement, because there is no quid pro quo. In accordance with Sections 10 and 25 of the Indian Contract Act, 1872, consideration is essential in a valid contract. Simply put, no consideration has no contract. Therefore, you can only get an agreement and a contract if there is a quid pro quo.

In the case of Lee v. Muggeridge[4] it was found that promises are not enforced without consideration because they are free, and in the case of Rann v. Hughes, Lord Chief Baron Skynner noted that “it is undoubtedly true that every person is obliged by the law of nature to fulfill his obligations. Similarly, it is true that the law of the country offers no means or recourse to force the implementation of an agreement reached without sufficient consideration.¬†However, Section 25 of the Indian Contracts Act of 1872 provides few exceptions for which an agreement can be reached without consideration. These exceptions include contracts subject to the International Goods Contracts Agreement (as mentioned in Chapter 8 “Introduction to Contract Law”) that do not require review to be binding. Contract law defines “reflection” as an answer to the question “How do you benefit from the performance of the contract?” Both parties must take into account the fact that the agreement is legally binding. For example, if you buy a jacket from your favorite store, the garment is the consideration you will receive while your payment is the consideration that will be received from the store. If you accept an offer, do so as soon as possible, as it can be revoked at any time until you accept it.