Consideration is ‘something’ you give to get something. For a contract to be legally valid you need to pay something or to give something that could reflect as a compensation in return of anything.
For example, if you purchase a land for Rs 1 lac, that amount Rs 1 lac is the consideration paid by you in return of the land.
Therefore, an agreement made without consideration is void. That means if there is ‘no consideration, no contract’ is valid.
However, there are some exceptions to this. Like, gifts, charity, etc.
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What is ''consideration'' or "no consideration no contract"?
Sneha Biswas
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3 Year
2023-02-03T09:51:29+00:00 2023-02-03T09:51:30+00:00Comment
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