"No consideration,No contract" Explain with exception.
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Answer Posted / sanjana thakur
Following are the exceptions to no consideration no contract:-
1.) Agreements made on account of natural love and affection provided these conditions are fulfilled;
i) agreement should be in writing
ii)must be registered under law
iii)must be on account of natural love and affection
iv) the contracting parties must be standing in near and legal relations to each other.
2.) Promise to compensate past voluntary service
The past voluntary service is assumed to be past consideration.
3.) Promise to pay a time barred debt is valid if:-
i) If the debtor promises in written.
ii) If the original debt is legal
4.) Contracts of agency
The principle shall be liable for the acts of the agent even though no consideration proceeds from the agent
5.) Gifts already made
6.) Promises to contribute to charity
7.) Remission(it means lesser performance in place of whole performance)
8.) Contracts of gratuitous bailment
If no consideration is involved in bailment it is said gratuitous bailments, it is valid and enforceable.
9.) Doctrine of 'Privity of Contract'
No other person except the contracting parties has the right to enforce the contract.
10.) Acknowledgement
If a person acknowledges to another as his agent then he can be held liable by the party.
11.) Assignment of a contract
It means transfer of rights and obligations arising under a contract in favour of a third person
12.) Conditions running with the land
If certain covenants run with the land then these shall be applicable even on subsequent parties who acquire interest on this land even though they are not originally party to the contract under which covenants were set up
13.) Contracts made for minor's marriage
Such contracts created by the guardians treat minor as a beneficiary to the contract
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