In each of these cases, such an agreement is a contract. 5. Agency: According to Section 185, no reflection is required to create an agency. 25. Agreement without consideration, unless it is written and recorded or is a commitment, something made or is a promise to pay a debt prescribed by the law of restriction Example: Venkatswamy (vs) Rangaswamy (1903): Facts: By a registered agreement, “V,” because of the nature, love and affection for his brother, “R,” promises to alleviate debts. If “V” does not discharge the debt. Verdict: “R” can unload it, then attack “V” to recover the sum. It is therefore a valid agreement.2. Compensation for past voluntary benefits: a promise made without consideration applies if it is a person who has already done something voluntarily for the promisor, but without consideration. Simply put, the promise to pay for a previous voluntary service is binding.3 Promise to pay Time Bared`s debt: An agreement to pay a debt of money is enforceable if the following conditions are met. 4.
Filled gifts: The “No Consideration – No Contract” rule does not apply to filled gifts. According to Sections 1 to 25, it states that “nothing in Section 25 impairs the validity of a gift actually made between the donor and the deceased” (3) has promised to pay all or part of his debts in writing and by the person who has been subscribed to or signed to him in that name, in general, or on that name. , by a particularly authorized representative. , which the creditor could have imposed the payment, but for the right to restrict legal action. In each of these cases, such an agreement is a contract. Contract law defines “reflection” as an answer to the question “How do you benefit from the performance of the contract?” Both parties must take into account the fact that the agreement is legally binding. For example, if you buy a jacket from your favorite store, the garment is the consideration you will receive while your payment is the consideration that will be received from the store. Most business contracts meet the requirement to take into account the promises exchanged. The promised work is also considered a consideration.