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"No consideration,No contract" Explain with exception.
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Answer Posted / sanjana thakur
Following are the exceptions to no consideration no contract:-
1.) Agreements made on account of natural love and affection provided these conditions are fulfilled;
i) agreement should be in writing
ii)must be registered under law
iii)must be on account of natural love and affection
iv) the contracting parties must be standing in near and legal relations to each other.
2.) Promise to compensate past voluntary service
The past voluntary service is assumed to be past consideration.
3.) Promise to pay a time barred debt is valid if:-
i) If the debtor promises in written.
ii) If the original debt is legal
4.) Contracts of agency
The principle shall be liable for the acts of the agent even though no consideration proceeds from the agent
5.) Gifts already made
6.) Promises to contribute to charity
7.) Remission(it means lesser performance in place of whole performance)
8.) Contracts of gratuitous bailment
If no consideration is involved in bailment it is said gratuitous bailments, it is valid and enforceable.
9.) Doctrine of 'Privity of Contract'
No other person except the contracting parties has the right to enforce the contract.
10.) Acknowledgement
If a person acknowledges to another as his agent then he can be held liable by the party.
11.) Assignment of a contract
It means transfer of rights and obligations arising under a contract in favour of a third person
12.) Conditions running with the land
If certain covenants run with the land then these shall be applicable even on subsequent parties who acquire interest on this land even though they are not originally party to the contract under which covenants were set up
13.) Contracts made for minor's marriage
Such contracts created by the guardians treat minor as a beneficiary to the contract
| Is This Answer Correct ? | 83 Yes | 9 No |
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hi, mmy name is srinath and i am working in a company as contract basi, they said me that company is baring 8800rs on me and giving on hand salary of 7400rs, proffesional tax 80rs were mentioned inpayslip, am i suppose to pay ? because i am not a regular onroll employ of company please give me suggestion, on mail. rockstar.knl@gmail.com or number 9533373003,plz any body give the answer
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AS PER THE AP VALUE ADDED TAX ACT 2005 LEAFLET 14 VIDE ITEM (1)(A) IF AN AGENT SELLS ANY GOODS ON BEHALF OF THE AGRICULTURIST PRINCIPAL HE IS UNDER NO OBLIGATION TO OBTAIN REGISTRATION UNDER THE AP VAT ACT. BUT AFTER ADDITION OF SUB SECTION 10(a) UNDER SECTION 4 WHAT IS THE POSITION OF AGENT WHO SELLS GOODS ON BEHALF OF AGRICULTURIST PRINCIPAL. IS IT NECESSARY FOR HIM TO OBTAIN REGISTRATION UNDER THE APVAT ACT. PLEASE CLARIFY?
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