BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -No. 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: -There are important exceptions to the general rule that mutual consideration is necessary for a valid contract or binding promise. When someone intends a gift but consideration is not present, a promise may be enforced under the doctrine of promissory estoppel.

Detailed explanation-3: -Section 25 This Section states that an agreement without consideration is void unless it satisfies certain conditions. For example, an agreement to compensate for something done in the past or an agreement to pay a debt that is barred by the Limitation Act are exceptions to the rule of no consideration, no contract.

Detailed explanation-4: -The exceptions are: When the contract is in writing and registered. When it is for compensating someone for his voluntary services for the promisor in the past. When it is a promise, signed or made in writing by the person or his agent to pay whole or part of a debt which is barred by the law of limitation.

Detailed explanation-5: -False. Was this answer helpful?