What do you mean by consideration? State its types? Also state the exceptions which make a promise without consideration.
Answers
The term “consideration” is a concept in English law that refers to the price paid in exchange for the fulfillment of a promise. ... Its main characteristic is that the promissor must give a promise of something that is of value, and the promisee must give something of value in exchange
Consideration is classified as one of two types: executed: when the promise has been performed within the meaning of the contract, or. executory: when the promise has not been performed.
Exceptions to the 'No Consideration No Contract' Rule
1. Natural Love and Affection.
2. Past Voluntary Services.
3. Promise to pay a Time-Barred Debt.
4. Creation of an Agency.
5. Gifts.
6. Bailment.
7. Charity.
Answer:
Consideration is classified as one of two types: executed: when the promise has been performed within the meaning of the contract, or. executory: when the promise has not been performed.
Explanation: