1. It is an enforced contribution. 2. It is generally payable in money. 3. It is proportionate in character. 4. It is levied on persons, property, or the exercise of a right or privilege (Excise...
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Essential Elements of Consideration - Indian Contract A ct
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posted December 4, 2009 - 4:06am Essential Elements of Consideration - Indian Contract Act
Consideration is something in return.
When at the desire of promiser, the promisee or any other person has done or abstained from doin does of abstained from doing or promises to do or to abstained form doing something such act or obstitance, or promise is called consideration for a promise. ESSENTIAL ELEMENTS OF CONSIDERATION The consideration must more at the desire of promiser. Consideration. Act done on the request of third party or without the desir e of promiser will not be a valid consideration. Consideration may more from the promisee to any other person also. Consideration may be past, present or future. Consideration must be real & not ill usory. Note: - Illusori means physical impossibility Ex putting life into dead body. Legal impossibility i mpossibility.. When consideration is uncertain.
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Consideration for an act for which promisee is bound to do Legally.
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A promise without consideration is a gift; one made for consideration is a bargain. However Indian
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contract Act explains certain exception to this general rule:
Promise made on account of natural core & affection.
Exp: In this case, the contract is valid even if it is made without consideration. Promise to play or time barred debt. Agency contract Completed gifts. Promise to compensate for past voluntary serv ice.
STRANGER TO THE CONTRACT
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It is fundamental principle of law that a person who is not a party of contract cannot sue under a contract act. But following are some exceptions: Download With Free Trial
Beneficiary of a trust Exp: Beneficiary in case of a trust can enforce his right. Marriage settlement of minor.
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Exp. Two brothers, on the partition of joint property agreed to invest equal amount of share a cert
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sum of money for the maintenance of their mother. Here mother is stranger to the contract but sti can sue any of them to invest the said amount.
Acknowledgement or Estoppels.
Exp. Where a person not being a party, acknowledge, a liability or otherwise constitute himself as a agent of 3rd party shall be estopped from denying his liability to the 3rd party.
Assignee of contract.
Exp. In case of negotiable instrument like Bill of Exchange, promissory note etc., the endorsee being stranger to a contract can file a suit to the party of contract.
Contract entered into by an agent.
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LEGALITY OF AN OBJECT AND CONSIDERATION;
Download With Free Trial All agreements are contracts if they are made for lawful consideration & lawful object. Every agreement, of which the object or consideration is unlawful, is void.
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Exp. If the consideration of an agreement is not directly for bidden by law, but it is of such a nature
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it permitted; it would defeat the permission of law.
Exp. In case of auction, the person whose property is been auctioned cannot participate in it.
If it is fraudulent. If it involves or implies injury to the person or property of another. If the court regards it immoral. Exp. A let his house to B when he knew that B is terrorist. Where the court regards it as opposed to public policy.
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