BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A promise must be binding to be consideration. A debtor cannot settle a claim by paying less than the full amount even if additional consideration is given. Past performance by one party to a contract is always legally sufficient consideration for a new promise by the second party.

Detailed explanation-2: -Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required. A gift or gratuitous promise cannot be a consideration for they have no bargaining.

Detailed explanation-3: -In order for any agreement to be deemed legally binding, it must include consideration on the part of every person or company that enters the contract.

Detailed explanation-4: -A verbal promise can be made legally binding if it satisfies all of the elements of a contract. To work as a contract, whether verbal or written, two parties should have the following, Offer and acceptance. Agreed terms.

Detailed explanation-5: -In simple words, no consideration no contract. Hence, you can enforce a contract only if there is a consideration. While considerations are integral to a contract, the Indian Contract Act, 1872 has listed some exceptions whereby an agreement made without consideration will not be void.