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Which of the following is not an exception to the rule “No Consideration, No Contract”?
- a)Agreement made on account of natural love and affection
- b)Agreement to compensate for past voluntary services
- c)Contract of agency
- d)None of the above.
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Which of the following is not an exception to the rule “No Consi...
An agreement made without consideration is void unless it is expressed in writing and registered under the law for the time being in force for the registration of documents and is made on account if natural love and affection between the parties standing in near relation to each other. Agreement must be in writing and registered. If you have an oral arrangement or unregistered agreement although it is in writing, it will not be valid even though it proceeds from natural love and affection and even if the parties to it are near relations to each other. It must be both in writing and registered.
CONSIDERATION:
Definition- The tem consideration may define as the price paid by one party for the promise of the other. An agreement is legally enforceable only when each of the party is to give something and get something. This something is given or obtained is the price for the promise and is called consideration. Only those considerations are valid which are lawful. Subject to certain except an agreement without consideration is void.[2]In the contract Act consideration has been defined as “when at the desire of the promisor, or any other person has done or abstained from doing something, such act or abstinence or promise is called a consideration for the Promise. For instance- Jaber agrees to sell his bus for Tk. 10,00,000 to Farid. For Jaber’s Promise, the consideration is Tk.10, 00,000 for Farid’s promise, the consideration is the bus only.
Essential of a valid consideration
Consideration must move at the desire of the promisor.
Consideration may move from the promisor or any other person.
Consideration may be past, present, or future.
Consideration must be of some value.
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Which of the following is not an exception to the rule “No Consi...
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Which of the following is not an exception to the rule “No Consideration, No Contract”?a)Agreement made on account of natural love and affectionb)Agreement to compensate for past voluntary servicesc)Contract of agencyd)None of the above.Correct answer is option 'D'. Can you explain this answer?
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