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What is a promise that is generally not a valid consideration?
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In what circumstances might a promise be enforced despite a lack of consideration?
Usually, a contract is only valid when there is bargained for consideration. However, the promise might still be enforced without consideration in cases that fall under the promissory estoppel. This means that the promise reasonably relied on the promise and has suffered a detriment due to the reliance.
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
Consideration meaning and difference between English law and Indian law?
Consideration is an essential element of a legally binding contract where each party agrees to give or do something in exchange for something from the other party. In English law, consideration must be present for a contract to be enforceable, whereas in Indian law, a promise can be enforceable even without consideration under certain circumstances, such as promises made to close family members. Additionally, Indian law recognizes past consideration as valid consideration, while English law generally does not.
What are the advantages and disadvantages of past consideration?
The advantages of consideration in a valid contract
What constitute a valid contract?
An enforceable contract requires the existence of the following elements: an offer, an acceptance that mirrors the terms of the offer, consideration, and lawful subject matter. The "consideration" can consist of money, property, a promise--just about anything of value that is not unlawful. Generally, a court will not inquire into the adequacy of the consideration. "Consideration" might be thought of as the "this for that" or the "quid pro quo". Even of the other elements are present, a contract cannot be enforced if the object of it is unlawful. That is, one cannot, for example, enforce a contract to rob a bank.
Is a promise enforceable despite the lack of consideration?
No
Failing to use the word consideration in an agreement means that no consideration has been given?
Not necessarily. Consideration is important for the formation of a valid contract, but the absence of the word "consideration" does not automatically mean that there is no consideration. Courts will typically look at whether there was a mutual exchange of promises or something of value given by each party to determine if there is consideration.
Can an option contract be created without consideration?
No, in order to create a legally binding option contract, consideration is required. Consideration is what each party gives or promises to give in exchange for the other party's promise. It is a key element in forming a contract and provides the basis for a valid agreement.
What circumstances would a contract be valid without any consideration?
from wawa(ums kal) :contracts under seal are valid without a consideration or perbaps
What is an assumpsit?
An assumpsit is a promise or undertaking founded on a consideration, or an action to recover damages for breach of a promise.
What the price for which promise of the other is bought?
It is called consideration.
What is mean consideration and promise?
Mean consideration refers to something of value exchanged by parties in a contract, such as money or services. Promise is a commitment made by one party to do something or refrain from doing something in the context of a contract or agreement. Both mean consideration and promise are essential elements of a legally binding contract.
