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1-barren promises
2-gratuitous promises
3-illusory promises
4-agreement suported by moral consideration
5-agreement supported by past consideration
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∙ 10y ago
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What is unlawful consideration in contracts?
Section 23The consideration or object of an agreement is lawful, unless- it is forbidden by law 1[ ; or is of such a nature that, if permitted, it would defeat the provisions of any law; or is fraudulent; or involves or implies injury to the person or property of another or; the Court regards it as immoral, or opposed to public policy. In each of these cases, the consideration or object of an agreement is said to be unlawful. Every agreement of which the object or consideration is unlawful is void.
What is the significance of contractual consideration?
the significance of consideration in law of contract is that it sets a value of exchange to the agreement between the parties
Will an unenforceable promise constitute consideration as long as the parties to the contract appear to be in agreement?
true
What are the features of void contract?
Features An agreement made by incompetent parties (Minor/Lunatic Person) is void. Any agreement with a bilateral mistake is void. Agreements which have unlawful consideration is void. Agreement with a unlawful object is void. Agreements made without consideration is void. Agreement in restraint of marriage of any major person is void (absolute restriction). Agreement in restraint of trade is void.(reasonable reason) An agreement the terms of which are uncertain is void. An agreement by way of wager (betting/gambling) is void. An agreement contingent upon the happening of an impossible event is void. Agreement to do impossible acts is void.
An agreement is made by?
Two or more parties who reach a meeting of the minds, for consideration (being something of value).
What are the key elements of a contract?
Agreement Consideration Intention to create legal relations Certainty Capacity Formalities
What is the legal definition of Spirit of the agreement?
The spirit of an agreement goes beyond its explicit terms, to include the implied terms and a consideration of the purpose of the agreement. In short, when someone argues that the 'spirit of the contract' has been breached, they are grasping at straws.
What are the exceptions to the rule that No consideration - No contract?
Section 25 declares that `an agreement made without consideration is void'. It means that consideration is a must in all cases. Exceptions to the rule are: • written and registered agreement out of natural love and affection between the parties; • promise to compensate a person who has voluntarily done something for the promisor; • promise to pay time-barred debt; • completed gift; • creation of agency
What is consideration according to Indian law?
According to Indian Contract Act, Consideratio is 'When, at the desire of the promisor, the promisee or, any other person, had done or abstained from doing, or does or abstains from doing, or promises to do or, to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise" This could be put simply as ...Consideration is nothing but the price paid by one party for the promise of the other. It can be in the nature of a positive act or the forbearance of a certain act. It can be past, present or future. Thus, consideration forms an essential part of an agreement without which the agreement is void. This is because, in the absence of consideration, there is no legal obligation formed between the parties and, therefore, in such a scenario, they are not bound by the terms of the agreement
When does an agreement become contract?
An agreement becomes a contract when there is an offer, acceptance and consideration. Absence of a written contract does not prevent a contract from being form. A contract can be both expressed or implied. Written or verbal.
What was the purpose of the alien act?
the purpose of the act was for promotion managed immigration and provisions the international protection with respect of the human and basic right and consideration in the international agreement of binding on Finland. the purpose of the act was for promotion managed immigration and provisions the international protection with respect of the human and basic right and consideration in the international agreement of binding on Finland. the purpose of the act was for promotion managed immigration and provisions the international protection with respect of the human and basic right and consideration in the international agreement of binding on Finland. fat people
What are the five elements which must be present in a contract to make it valid?
Agreement Consideration Legal Object Competent Parties Legal Form
