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LAW CONSIDERATION

-MONISHA

INTRODUCTION
A promise is not binding unless it is made for in return. something

The requirement of something in return is referred to as consideration.

CONSIDERATION DEFINED

Section 2(d) of the indian contract act defines consideration as When at the desire of the promisor, the promisee or any other person (a) Has done or abstained from doing (b) Does or abstains from doing (c) Promise to do or abstains from doing something Such an act or abstinence or promise is called a consideration for the promise. Ex : A offers to sell his plasma TV set to B for Rs 50000.B accepts the offer.Here B s promise to pay Rs 50000 is the consideration for A s promise to sell the TV is the consideration for B s promise to pay Rs 50000.

QUID PRO QUO


Consideration is used in the sense of quid pro quo which means something in return. It need not neccesarily be in the form of cash or kind. It may be in the form of some right ,interest, profit or benefit ,detriment ,loss, responsibility. It can be a act or a promise to do or not to do something. It may be past,present or future.

ESSENTIALS OF A VALID CONSIDERATION


Consideration must move at a desire of the promisor. Consideration may move from the promisee or any other person. Consideration must have some value. Consideration must be defined as benefit or detriment. It must be defined as past,present or future consideration. It must be legal.

CONSIDERATION MUST MOVE AT THE DESIRE OF THE PROMISOR


Consideration must be done at the desire or request of the promisor and not voluntarily or at the desire of the third party. Ex: House trapped in fire.

CONSIDERATION MAY MOVE FROM THE PROMISEE OR ANY OTHER PERSON


Consideration may proceed from the promisee or if the promisor has no objection from any other person who is not a party to the contract. Ex: Property,old lady,daughter,Brother

CONSIDERATION MUST HAVE SOME VALUE


Consideration must be real tangible and must have some values in the eyes of laws.It Need not be adequate also. Ex:A agrees to sell a house worth Rs 500000 and for Rs 50000 only.A subsequently denies that his consent to the agreement was freely given.In this case,the fact that the consideration is inadequate may be taken in to account by the court in deciding whether or not A s consent was freely given.

PAST,PRESENT OR FUTURE CONSIDERATION


Depending on the circumstances consideration may be past,present or future. PAST CONSIDERATION It means a past act forbearance that took place and is complete before the agreement is made. Ex: A finds B s purse and gives it to him.B sent promises to pay A s expenses in doing so.

PRESENT OR EXECUTED CONSIDERATION It is an act or forbearance which moves simultaneously with the promise. Ex: while shopping you promise to pay the cash and shopkeeper promises to deliver the goods.

FUTURE OR EXECUTORY CONSIDERATION The expression promises to do or to abstain from doing refers to future. Ex: An agrement in which the seller promises to deliver goods next week and the buyer agrees to pay for them on delivery.

CONSIDERATION MUST BE LEGAL


Consideration must invariably be legal. Ex:A helping B in his work and promised to get payed for it. Consideration should not be physically impossible or illusory. Ex: Promise to double the money by magic,Make a dead man alive

CONSIDERATION SHOULD BE BENEFIT AND DETRIMENT


Consideration is either some detriment to the promisee or some benefit to the promisor. Ex: If A promises to gift a diamond ring to B,his fiancee but subsequently changes his mind,B cannot sue him for breach of promise.

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