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"No consideration,No contract" Explain with exception.
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Answer Posted / shahid iqbal
"consideration"
" 'consideration is the price for which the promise of the another is bought'"
"contract"
" every agreement and promise enforceable at law is contract"
"(so why no consideration no contract)"
according to contract act every promise or every set of promise forming the consideration for each other is an agreement.so, there can't be an agreement without consideration and there can't be a contract without agreement.
section "10" of the contract act say's that all agreement are contract if they are made with the free consent of the parties competent to contract for a lawful consideration and with lawful objects.
therefore(sec:25)
"an agreement with out consideration is void."
| Is This Answer Correct ? | 43 Yes | 11 No |
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exceptions to the rule no consideration no contract
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