2)It is a promise to compensate, wholly or in part, a person who has already voluntarily done something for the promisor, or something which the promissory was legally compellable to do, or unless. 3)It is a promise, made in writing and signed by the person to be charged therewith, or by his agent generally or specially authorized in the behalf, to pay wholly or in part a debt of which the creditor might have enforced payment but for the law for the limitation of suits. In any of these cases, such an agreement is a contract. Explanation 1–Nothing in this section shall affect the validity, as between the donor and donee, of any gift actually made. Explanation 2- An agreement to which the consent of the promisor is freely given is not void merely because the consideration may be taken into account by the court in determining the question whether the consent of the promisor was freely given. Illustrationsa) A promises for no consideration, to give to B Rs. 1000; this is a void agreement. b) A, for natural, love and affection, promises to give his son, B Rs. 1000. A puts his promise to B into writing and registers it. This is a contract. c) A finds be B’s purse and gives it to him. B promises to give A Rs. 50. This is a contract.d) A supports B’s infant son. B promises to pay A’s expenses in so doing. This is a contract. Exceptions to the Rule “No Consideration No Contract”The general rule of law is that an agreement without consideration is void. “A bargainwithout consideration is a contradiction in terms and cannot exist.”* But there are a fewexceptional cases where a contract, even though without consideration, is enforceable. They are as follows:
1. An agreement made without consideration is valid if—(a) it is expressed in writing, and (b) it is registered (under the law for the time being in force for registration of documents), and (c
You've reached the end of your free preview.
Want to read all 3 pages?
- Fall '15
- Bhootnath Mukherji