Nishant sharma (officer) 04 January 2010
dear all,
can an agreeement made without payment terms and without any consideration amount from both the parties?
if yes, then how the responsibilities of other party is set if he is not taking any amount from us, is it legal and viable on him.
pls suggest some ways to make an agreement where consideration amount is nill becoz other party is an NGO and doing things for good faith.
N.K.Assumi (Advocate) 04 January 2010
See Illustration (a) to section 25 of the Indian Contract Act.
m.arunprakaash (advocate) 05 January 2010
Except in those illustration given section 25 of the Indian Contracts Act 1872, all other agreements without consideration is void. consideration you mean does not only money even it may be something other than money.
SACHIN AGARWAL (ADVOCATE) 29 October 2010
Good advice by Arunprakaash.
abhishek (student) 31 October 2010
Mr sharma,
first of all we need to get into the content present in section 25 of ica and according to the two examples which are:
| it is expressed in writing and registered under the law for the time being in force for the registration of 1*[documents], and is made on account of natural love and affection between parties standing in a, near relation to each other | ||
In ur case,the agreement which u r entering is though without compenation is not void as it is done out of love and affection between the contracting parties...................mr sharma go ahead with the noble work and the agreement is not void atall
regards,
abhishek
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