from wawa(ums kal) :contracts under seal are valid without a consideration or perbaps
The advantages of consideration in a valid contract
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.
No....a promissory note is not valid without a consideration.
For a contract to be valid, it must include an offer, acceptance, consideration, legal capacity, and legal purpose.
An offer is valid only if it is made with an intention of getting the assent of another. when there is no acceptance the contract does not come into existence. For a valid contract there must be consideration which need not be adequate.
They are valid element of a contract they are offer and acceptance, legality consideration capacity terms
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.
Just because a contract contains consideration does not mean it is legal or binding. There are other requirements that must be met.
That something of value is offered - that the offer is accepted - and THAT IT ACTUALLY PASSES HANDS. Without all three condition being met there is NOT a valid contract.
A valid contract includes an offer by one party, acceptance by the other party, consideration exchanged between the parties, legal capacity of the parties to enter into the contract, and a legal purpose for the contract. These elements are essential for a contract to be legally enforceable.
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.
An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.An offer is a component part of a contract. There are three steps in creating a valid contract: the offer, the acceptance of the offer and an exchange of consideration.