Contract law
Manjeet kumar sahu
(Querist) 18 July 2011
This query is : Resolved
whether Past consideration could be vaild in any case.
Devajyoti Barman
(Expert) 18 July 2011
Past consideration is good consideration if the same is done for any gratuitous act of the promisee.
RAJU O.F.,
(Expert) 19 July 2011
Past consideration is valid for contract
H.M.Patnaik
(Expert) 19 July 2011
Mr. Barman has answered rightly
prabhakar singh
(Expert) 19 July 2011
section 2(d)The Indian Contract Act, 1872,lays down:
When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise;
"has done or abstained from doing"are the words recognized as past consideration.
element of consideration is must which may be in past, present,or future.Further its' adequacy is not required
due to use of words "something"
Y V Vishweshwar Rao
(Expert) 20 July 2011
Yes - Past consideration is valid consideration -i.e;- Even time barred debt is also a past consideration - if agreed to pay it is legally enforceable - Sec 25 of Indian Contract Act !
DEEPAK ASSOCIATES
(Expert) 21 July 2011
yes i agree with mr Y V Vishwshwar Rao U/s 25 (3) of contract act, 1872 is well cleared in the topic
