N11 - Was listening to a podcast by Times of India today, one line hit hard: ‘If you remain silent when something is happening to someone else, you are effectively inviting the same thing upon yourself.’
Exceptions to Consideration:
Certain contracts don’t require consideration, like those made under seal or certain promissory estoppel cases. Knowing these exceptions can be key.
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Types of Consideration:
Consideration can be anything of value: money, goods, services, or even a promise to do or not do something. It doesn’t have to be equal in value but must be something of legal value.
Why is Consideration Important?
For a contract to be legally binding, consideration must be present. No consideration, no enforceable contract. It’s the foundation that supports the contract’s validity.