Consideration Explained with Examples | Indian Contract Act | LLB 1st Semester

Описание: What is consideration in a contract? This video provides a clear definition of consideration as per the Indian Contract Act, along with practical examples to help you understand its significance in law. Perfect for LLB 1st Semester students and exam preparation! Don’t forget to like, share, and subscribe to The LLB Guide for more simplified legal concepts.

According to the Indian Contract Act, 1872, consideration is when a promisee or another person does or abstains from doing something at the request of the promisor. It can also be when a promise is made to do or abstain from doing something. [1]
Consideration is one of the six elements that make a contract legally enforceable. It's what one party gives or promises to give in exchange for the other party's promise to do something.
Here are some examples of consideration:

Money for goods or services

A common example of consideration is when money is given in exchange for goods or services.

Forbearance
Forbearance means giving up a legal right or claim. For example, a creditor might forbear to enforce execution and allow time to pay at the debtor's request.

Past consideration
Past consideration is when an act happens before any agreement. For example, if someone finds your lost dog and returns it to you, and you promise to pay them, that's past consideration.


Here are some other things to know about consideration:

• Consideration must be:
• Legally sufficient in value
• Not an illegal act
• Not something where there is already a legal obligation to do so
• Bargained for
• Real and not illusory
• Sufficient, not adequate
• Not unlawful, immoral, or opposed to public policy


• Consideration can be past, present, or future.



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