While a deal may seem unfair in hindsight, the court will generally not determine whether the value of the consideration is proportionate. The exception is when the gap is so large that it is in bad faith. In this case, the court may find that the contract is unsured because the party who offered the consideration of a much lower value acted unfairly. If you accept an offer, do so as soon as possible, as it can be revoked at any time until you accept it. Once you agree, the contract is legally binding and cannot be amended or revoked. Some types of contracts are only valid in writing, for example. B real estate transactions or contracts of more than 12 months. These laws vary by state. Although oral contracts are legal, they can be very difficult to prove in court, it is generally preferable to obtain each contractual agreement in writing. In the case, Curie v. Misa the term was defined, „A valuable reflection within the meaning of the law may exist either in one right, interest, leniency, prejudice, loss or liability, given, suffered or assumed by the other.“ Contract law defines „reflection“ as an answer to the question „How do you benefit from the performance of the contract?“ Both parties must take into account the fact that the agreement is legally binding. For example, if you buy a jacket from your favorite store, the garment is the consideration you will receive while your payment is the consideration that will be received from the store. www.preservearticles.com/2012012621491/exceptions-to-consideration-no-consideration-and-no-contract.html The reason why contracts require the exchange of an object of value is to distinguish a legal agreement from a generous gift or a promise made by one party to another, none of which is legally enforceable.
For example, if your friend mows your lawn without asking for anything in return, it doesn`t count as a contract because you didn`t promise a quid pro quo. If your friend promises to mow your lawn but doesn`t, you can`t sue for damages. A promise to pay for a previous voluntary service is mandatory and these agreements do not require an exception. Services need to be provided on a voluntary basis. For example, if A B supports, son and B promises to pay the expenses of A. It`s a contract. when he realized that B had a legal obligation to support his grandson. In accordance with this exception, the promise must be to compensate a person who has done something for the promisor, not for a person who has done nothing for the promisor.
In each of these cases, such an agreement is a contract. English law allows enforceable sealed contracts without consideration. A contract under the seal refers to a written contract „signed, sealed and delivered.“ In the words of Anson of English law recognizes only two types of contract, the treaty by The Act is, except seal that is called an act or specialty, and mere conflict. Most business contracts meet the requirement to take into account the promises exchanged. The promised work is also considered a consideration. It is well established in English law and in the Indian Contract Act that consideration is essential for an enforceable contract. It is an act or abstinence by the promised or another person, at the request of the promisor. The reflection may have passed, future or executor. In accordance with the Indian Contract Act of 1872, the definition of consideration in section 2 d), reflection may be made by „the promisor or any other person“ as long as it is done „at the request of the promisor.“