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Business Regulatory Framework by Purnakam Dash

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3

Consideration

CHAPTER OBJECTIVES

After carefully reading this chapter, you will be able:

  • To understand the meaning and definition of consideration.
  • To enumerate the rules regarding consideration.
  • To explain the various exceptions to the rule “No Consideration No Contract”.
  • To identify the situations, when a stranger to the contract can sue upon it.
  • To differentiate between a stranger to the contract and a stranger to the consideration.
MEANING AND DEFINITION

Consideration is an essential element of a contract. Both the parties to the contract must gain something from it or else the contract will be void. This ‘something’ is called consideration. For example, A makes a contract with B to buy his cow for 5000 rupees. Under this contract, ...

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