What is lawful consideration?
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Similarly, it is asked, what is consideration according to law?
n. 1) payment or money. 2) a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. In a contract, one consideration (thing given) is exchanged for another consideration.
Furthermore, what are the essential elements of lawful consideration? Basic Understanding of Consideration
- Example 1 – Doing something.
- Example 2 – Not doing something.
- (i) Consideration must move at the desire of the promisor.
- (ii) Consideration may move from the promisee to any other person.
- (iii) It can be in the past, present or future.
- (iv) It must have value in the eyes of the law.
Then, what do you mean by lawful object and consideration?
Lawful Consideration and Lawful Object. Section 23 of the Indian Contract Act clearly states that the consideration and/or object of a contract are considered lawful consideration and/or object unless they are. specifically forbidden by law. of such a nature that they would defeat the purpose of the law. are fraudulent.
What is lawful object?
Lawful Object. Chapter 1. Lawful object can be broadly defined as within the bounds of the law. If the object of the contract is illegal by statute or common law, the contract will be void and unenforceable in the courts.