Business Law - Consideration

Preparing for foundation / intermediate examinations of CA / CMA / CS / Business Exams (English and Hindi Languages)
What you'll learn
What is Consideration ?
Legal Rules Regarding Consideration
Suit By a Third Party to a Contact
Validity of an Agreement without Consideration
Requirements
No prior knowledge is required for taking this course.
Description
Chapter 1: The Indian Contract Act, 1872UNIT-2: CONSIDERATIONAfter studying this unit, you would be able to understand- ♦ Understand the concept of consideration, its importance for a contract and its double aspect. ♦ Clearly understand how consideration may move from a third party and how this makes the contract valid. ♦ Learn about the peculiar circumstances when a contract is valid even without consideration. ♦ Be aware of the rule 'A stranger to a contract cannot sue' and exceptions thereofSUMMARY The students may note that: (a) Consideration is a price for the promise of the other party and it may either be in the form of 'benefit' or some 'detriment' to the parties. (b) Consideration must move at the desire of the promisor. (c) It may be executed or executory. (d) Past consideration is valid provided it moved at the previous request of the promisor. (e) It must not be something which the promisor is already legally bound to do. (f) It may move from the promisee or any third party. (g) Inadequacy of consideration is not relevant. (h) Consideration must be legal. (i) The general rule of law is "No Consideration, No Contract" but there are a few exceptional cases where a contract, even though without consideration is valid. (j) "Stranger to a contract can't sue but in some exceptional cases the contract may be enforced by a person who is not a party to the contract.
Overview
Section 1: Consideration
Lecture 1 Consideration - 1
Lecture 2 Consideration - 2
Lecture 3 Consideration - 3
Lecture 4 Consideration - 4
Lecture 5 Consideration - 5
Lecture 6 Consideration - 6
Lecture 7 General Rule Part - 1
Lecture 8 General Rule Part - 2
Lecture 9 No Consideration No Contract - 1
Lecture 10 No Consideration No Contract - 2
Lecture 11 No Consideration No Contract - 3
CA Foundation Students,CA Inter Students,CMA Foundation Students,CMA Inter Students,CS Foundation Students,CS Executive Students,B Com / BBA Students,Business Law Students,Entrepreneurs,Advocates

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