contract law
consideration
consideration means something for something. The univesal rule of the contract that it is a
bargain that is, if one of the party gives something than other party should also give give
something in return and that something in bare language is consideration.
The maxim “NUDUM PACTUM OBITER NON ACTIO” it means that no cause of action would be
arising from the naked contract, here naked means without consideration. so if there is not
consideration than there would be no cause of action arising.
In simple words consideration means price of a promise. The definition of the consideration is
given in section 2(d) of Indian contract act 1872, and section 10 tells that consideration as an
essential element for contract and section 25 tells that a contract without consideration is
void. Consideration is a QUID PRO QUO NON that is a favour or advantage given in return of
something.
consideration
consideration means something for something. The univesal rule of the contract that it is a
bargain that is, if one of the party gives something than other party should also give give
something in return and that something in bare language is consideration.
The maxim “NUDUM PACTUM OBITER NON ACTIO” it means that no cause of action would be
arising from the naked contract, here naked means without consideration. so if there is not
consideration than there would be no cause of action arising.
In simple words consideration means price of a promise. The definition of the consideration is
given in section 2(d) of Indian contract act 1872, and section 10 tells that consideration as an
essential element for contract and section 25 tells that a contract without consideration is
void. Consideration is a QUID PRO QUO NON that is a favour or advantage given in return of
something.
