Statement 2: the agreement that is free from the promoter`s agreement is not refused for the sole reason that the consideration is insufficient; However, the inadequacy of the consideration may be taken into account by the Court of Justice in determining whether the promisor`s consent was freely given. An agreement reached without consideration is null and void, unless the reason the contracts require the exchange of an object of value is to distinguish a legal agreement from a generous gift or a promise made by one party to another, none of which is legally enforceable. For example, if your friend mows your lawn without asking for anything in return, it doesn`t count as a contract because you didn`t promise a quid pro quo. If your friend promises to mow your lawn but doesn`t, you can`t sue for damages. (g) A agrees to sell a horse worth 1,000 to 10 Rs. A disputes that his consent to the agreement was disclosed. 25. Agreement without consideration, cancelled, unless it is written and registered or is a commitment made for something or is a commitment to pay a debt prescribed by the statute of limitations, if it accepts an offer, do so as soon as possible, as it can be revoked at any time until you accept. Once you agree, the contract is legally binding and cannot be amended or revoked. Example: Venkatswamy (vs) Rangaswamy (1903):Facts: By a recorded agreement, “V” promises, because of nature, love and affection for his brother “R”, to pay debts to `B`. If “V” does not discharge the debt. Verdict: “R” can unload it, then attack “V” to recover the sum.
It is therefore a valid agreement.2. Compensation for past voluntary benefits: a promise made without consideration applies if it is a person who has already done something voluntarily for the promisor, but without consideration. Simply put, the promise to pay for a previous voluntary service is binding.3 Promise to pay Time Bared`s debt: An agreement to pay a debt of money is enforceable if the following conditions are met. In each of these cases, such an agreement is a contract.