BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -As per Section 10 and Section 25 of the Indian Contract Act, 1872, consideration is essential in a valid contract. In simple words, no consideration no contract. Hence, you can enforce a contract only if there is a consideration.

Detailed explanation-2: –All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void."

Detailed explanation-3: -In summary, Section 25 of the Indian Contract Act, 1872, states that an agreement without consideration is void unless it satisfies certain conditions, such as being in writing and registered, is a promise to compensate for something done, or is a promise to pay a debt barred by limitation law.

Detailed explanation-4: -It is a fundamental rule that the action or forbearance must be done at the desire of promisor. If it is not done at the desire of the promisor or done at the desire of a third party, then it will not be a valid consideration.