"No consideration,No contract" Explain with exception.
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Answer Posted / avinash verma
Consideration:-
Consideration for a particular promise exists where some
right, interest, profit or benefit accrues (or will accrue)
to the promisor as a direct result of some forbearance,
detriment, loss or responsibility that has been given,
suffered or undertaken by the promisee. The consideration
must be executory or executed, but not past. Consideration
is executoryConsideration can be anything of value (such as
an item or service), which each party to a legally-binding
contract must agree to exchange if the contract is to be
valid. If only one party offers consideration, the
agreement is not legally a binding contract. In its
traditional form, consideration is expressed as the
requirement that in order for parties to be able to enforce
a promise, they must have given something for it (quid pro
quo): something must be given or promised in exchange or
return for the promise.
contract:-
A contract is an exchange of promises between two or more
parties to do or refrain from doing an act which is
enforceable in a court of law. It is where an unqualified
offer meets a qualified acceptance and the parties reach
Consensus In Idem. The parties must have the necessary
capacity to contract and the contract must not be either
trifling, indeterminate, impossible or illegal.
Hence by watching both definitions you can understand that
contract required benefit for both parties. if there is no
consideration for one party it means that party is not
getting any benefit so. If there is no benefit for both
party it means why they will make contract. And if benefit
is only for one party then that is no contract because it
is not full feeling contract first essential of exchange of
promises, goods, services or something worth full for both
parties
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