CA Foundation Law Revision Day 3 - Indian Contract Act 1872 - Unit 2 | CS Sai

Описание: Revise Consideration for CA Foundation Business Laws with CS Sai. This Chapter 2, Unit 2 session covers the legal rules of consideration, privity of contract and exceptions to “no consideration, no contract” under the Indian Contract Act, 1872.

Continue your revision after Unit 1: Nature of Contracts. Watch this lesson before or after reading your study material, as CS Sai recommends.

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⏱️ Chapters
00:00 Opening
00:20 How to use this revision series
01:08 Consideration and quid pro quo
01:47 Consensus ad idem: meeting of minds
02:25 Legal rules of consideration
03:40 Consideration from the promisee or another person
04:20 Past, present and future consideration
04:57 Adequacy of consideration
05:34 Existing duties and real consideration
06:07 Privity of contract
07:22 Exceptions to privity of contract
09:06 Assignment, acknowledgement and estoppel
10:20 Covenants running with land and agency
10:54 No consideration, no contract: exceptions
12:01 Formalities and past voluntary services
12:42 Promise to pay a time-barred debt
13:16 Agency and completed gifts
13:52 Bailment and charitable promises

📚 In this session
• Consideration, quid pro quo and a recap of consensus ad idem.
• The promisor’s desire, third-party consideration, timing and adequacy.
• Existing legal duties, real consideration and lawfulness.
• Privity of contract, case discussions and exceptions.
• Natural love and affection, past voluntary services and time-barred debt.
• Agency, completed gifts, bailment and charitable promises.

⚖️ Study clarification
Natural love and affection is an exception to the consideration requirement, subject to the legal conditions. A promise to pay a time-barred debt must be in writing and signed by the debtor or an authorised agent. Use the precise conditions in your ICAI study material when writing answers.

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Share your doubts about consideration in the comments.

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