The contract which was made in past but consideration is made at present is called past consideration . It is valid in India.

Past consideration refers to a situation where consideration is provided prior to the making of a contract. In other words, it involves a promise made in return for an act or service that has already been completed. Under contract law, for a contract to be valid, there must be consideration provided by both parties. Consideration refers to something of value that is exchanged between the parties, such as money, goods, or services.

Explanation:
Importance of Consideration:
Consideration is an essential element of a contract as it signifies that both parties have given something of value in exchange for the promises made in the contract. It ensures that the agreement is not one-sided, and there is a mutual exchange of benefits and obligations.

Past Consideration:
Past consideration, however, is not considered valid consideration because it involves a promise made after the act or service has already been performed. The principle behind this is that a promise made after the fact does not induce the act or service and therefore lacks the element of bargaining and mutual exchange.

Example:
For instance, if Person A completes some work for Person B without any prior agreement or promise of payment, and then Person B decides to pay Person A for the work done, this would be an example of past consideration. The promise to pay is made after the work has already been completed, making it unenforceable as a contract.

Exceptions:
There are a few exceptions to the rule of past consideration, such as when the act or service was done at the request of the promisor, and it was understood that payment would be made for it. In such cases, the promise to pay may still be enforceable.

Conclusion:
In conclusion, past consideration refers to consideration provided prior to the making of a contract. It is generally not valid consideration as promises made after an act or service has been performed lack the element of bargaining and mutual exchange. However, there are exceptions to this rule, such as when the act or service was done at the promisor's request.