Is mere abstention from legal conduct sufficient consideration?

2020-10-02 by No Comments

Is mere abstention from legal conduct sufficient consideration?

Is mere abstention from legal conduct sufficient consideration? Held. Yes. Valuable consideration may consist either in some right, interest, profit, or benefit accruing to one of the parties or some forbearance, detriment, loss, or responsibility given, suffered, or undertaken by the other party.

What is consideration in a contract?

Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.

What was the issue in Hamer v sidway?

Ruling in favor of the plaintiff, the Court held that the right to use and enjoy the use of tobacco was a right that belonged to the nephew-promisee and was not forbidden by law. The abandonment of its use was a sufficient consideration to uphold the promise because such abandonment was the inducement for the promise.

Is a contract without consideration valid?

In simple words, no consideration no contract. Hence, you can enforce a contract only if there is a consideration. While considerations are integral to a contract, the Indian Contract Act, 1872 has listed some exceptions whereby an agreement made without consideration will not be void.

Is Hamer v sidway still good law?

Conclusion: The Supreme Court of New York reversed that judgment and granted a new trial, finding that what occurred between the parties was not intended as a legal and binding contract. This case will later be overturned on appeal to the highest court in a landmark contracts law decision, Hamer v. Sidway, 124 N.Y.

What are the exceptions to the rule no consideration no contract?

Ans: The rule of no consideration no contract does not apply to gifts. Also. Rahul’s father was gifting him the house of his natural love and affection. So this is an exception and the agreement can be registered even without consideration.