Consideration 💰

Definition (Section 2(d)): "When at the desire of the promisor, the promisee or any other person has done or abstained from doing... something, such act is called a consideration for the promise."

Latin Maxim: Quid Pro Quo (Something in return).

Rule: "No Consideration, No Contract." (Ex Nudo Pacto Non Oritur Actio).

Essentials of Valid Consideration 🌟

1. At the desire of Promisor: If you help me voluntarily (without me asking), you cannot demand payment later. (Durga Prasad vs Baldeo).
2. From Promisee or any other person: Even a stranger can pay consideration. (Chinnaya vs Ramayya).
3. Executed or Executory: Can be past, present, or future.
4. Real, not Illusory: Must have some value. Cannot be "I will make you happy".
5. Need not be Adequate: Even selling a ₹1 Crore house for ₹10 is valid if consent is free.

Exceptions (Contract without Consideration is Valid) 🛑

1. Natural Love & Affection: Written & Registered agreement between near relatives.
2. Compensation for Past Voluntary Service.
3. Time-Barred Debt: Written promise to pay old debt.
4. Agency: No consideration needed to create agency.
5. Gifts: Completed gifts.

Quiz Time! 🎯

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💡 Final Wisdom: "Love is priceless, but in law, even love needs a registered document to be a valid consideration!" ❤️📜

Next up: Performance of Contracts - Doing the job! 🛠️