Infinite Sparkles

  ‘No consideration, No contract.’ Explain.   Yes, it is true. An agreement made without consideration is void and does not enforceable by law. A valid consideration is needed for a valid contract.   Meaning- Consideration means ‘something in return.’ Consideration is the essential component of a valid contract. Consideration is the price for the contract . Under it, both the parties give something to each other in return. Both the parties suffer and gain something from each other. Consideration does not include in payment of money only, but also goods.   For example- A agree to sell his bike to B for Rs. 50,000. Here, A’s promise to sell his bike is a consideration for B and B accepted the offer and promise to pay Rs. 50,000. It is a consideration for A.   No Consideration No Contract Exception   Section 25 also lists the exceptions under which the rule of no consideration no contract does not hold.   1. Natural love & Affection- An agreement...

Various ways in which a contract may be said to be discharged.   Meaning - The termination of a contract, or the manner in which it comes to an end, is defined as the discharge of a contract. A contract imposes duties on one or more of the parties concerned. When these requirements are fulfilled, the contract is discharged.   For example , X promised B that he would sell his bike to B for 20,000 dollars, and all formal agreements were established, but the connection was cancelled or discontinued for various reasons. It's a contract termination. Methods of Discharge of Contract-   A contract can be discharged in a variety of ways. It's essential to consider how a contract can be discharged - Discharge of Agreement : When all parties to a contract agree to replace it with a new one, remit it, or change it, the original contract is discharged as a result of mutual consent. It can happen in a variety of circumstances. After an example, they are explained; Consider t...