What is the importance of consideration in a contract with exampleConsideration in Contracts • March 26th, 2021
Consideration: "Something that happens and one takes”. The section 2 (d) of the law 1872 of Contact defines the contract as “When in the wish of the promissory one, the promise or any other person did or abstained from the realization or do or it abstains from realization or promise of doing or abstaining from the realization. I tie something such or abstinence or promise is called a consideration of the promise”. “When in the wish of the promissory one, the promise or any other person did or abstained from the realization or do or it abstains from realization or promise of doing or abstaining from the realization. I tie something such or abstinence or promise is called a consideration of the Promise”. 1.1 To importance of the Consideration of consideration is the foundation of sometime the contract. The law insists on the existence of the consideration if a promise will be going to have the fulfillment demanded how creating legal obligations. A promise without consideration is null an
ContractConsideration in Contracts • April 8th, 2011
Example-A agreed to sell his car worth Rs. 40,000 for Rs. 25,000 to B. A's consent to the agreement was freely given. The consideration, though inadequate will not affect the validity of the contract. `
