Consideration - Consideration is defined as, some right,...

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Consideration ” is defined as, some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. For example: A wants to sell his BMW car to B for TK. 10 lacs. In this example A is giving his car to B in consideration of TK. 10 lacs, whereas, B is giving TK. 10 lacs to A in consideration of the BMW car. Types of Consideration : a. Past Consideration : When the consideration of one party was given before the date of the promise, it is past consideration . Example, Suppose Mr. A did some work for Mr. B on the 15 th of September, in October Mr. B promised to pay Mr. A some money. It is past consideration. Under English law past consideration is not a consideration and is Void, but according to the Indian law, past consideration is a good consideration because it includes the words “has done or abstained from doing”. b.
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This note was uploaded on 11/26/2011 for the course BBA LAW taught by Professor Ita during the Spring '11 term at North South University.

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Consideration - Consideration is defined as, some right,...

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