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Exceptions to the Rule of Consideration-Law Of Contract
Business Environment and Law-Law Of Contract (Indian Contract Act 1872)
Exceptions to the Rule of Consideration-Law Of Contract
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In the following cases the agreement would be enforceable even though they are made without consideration.
Exceptions to the Rule of Consideration
(Sec. 25) In the following cases the agreement would be enforceable even though they are made without consideration.
(3) Promise to pay a time barred debt: If it is a promise, made in writing and signed by the debtor or his agent to pay wholly or in part a debt which is barred by the limitation.
(Sec. 25) In the following cases the agreement would be enforceable even though they are made without consideration.
(1) Love and affection:
An
agreement without consideration is enforceable, if
- it is made out of love and affection;
- the love and affection is natural because the parties
are so related to each other;
- the agreement is in writing;
- the agreement is registered under law.
(3) Promise to pay a time barred debt: If it is a promise, made in writing and signed by the debtor or his agent to pay wholly or in part a debt which is barred by the limitation.
(4) Contract
of Agency: Sec. 185 provides “No consideration is necessary to create an agency.”
(5) Gift
already Made: (Sec. 25) “Nothing in this Section shall affect the validity, as between the donor and
donee, of any gift actually made.”
Tags : Business Environment and Law-Law Of Contract (Indian Contract Act 1872)
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