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Consideration

Consideration. Definition . May consist either in some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other Abdul Aziz vs Masum Ali Kedar Nath vs Guari Mohamed.

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Consideration

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  1. Consideration

  2. Definition May consist either in some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other • Abdul Aziz vsMasum Ali • Kedar NathvsGuari Mohamed

  3. Legal Rules as to Consideration • Must move at the desire of the promisorDurga Prasad vsBaldeo • May move from the promisee or any other person ChinnayavsRamayya • It may be an act, abstinence or forbearance or a return promise ( compromise, composition with creditors) Debi RadhaRanivs Ram Dass • It may be past, present or future • It need not be adequate

  4. Contd • It must be real Still vs Myrick • Not something which promisor is not already bound to do RamchandraChintamanvsKaluRaju • It must not be opposed to public policy

  5. Stranger to the Contract • Dunlop Pneumatic Tyres Vs Selfridge • Exceptions • Trust • Marriage settlement, partition or family arrangements • Assignment • Contracts through agents • Covenants running with the land

  6. Contract without Consideration is Void - Exceptions • Love & Affection • Compensation for voluntary services • Promise to pay a time barred debt • Agency • Charitable Subscription

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