25. Agreement without consideration, not nullit, unless it is written and recorded or if it is a commitment to compensate something, or a promise to pay a debt prescribed by the statute of limitations. The inadequacy of the consideration is a fact that the Court should consider when considering whether A`s consent was issued or not. The seller agrees to deliver one tonne of coal within seven days. The buyer needs the coal earlier and asks the seller to deliver within four days. The seller agrees. This promise is binding, even if the seller has no additional consideration to issue beyond the purchase price of the agreed additional tax (the requirement that the coal be given to the buyer earlier than originally planned). The UCC authorizes a distributor to offer an offer related to the companyA promise signed by a distributor to keep an open offer, signed, in writing, for the distributor`s commitment, to keep the offer open for purchase or sale, without consideration. Unique Code of Trade, Section 2-205. This is the equivalent of the UCC to a common law option that, as you remember, requires review. A written and recorded agreement, based on natural love and affection between parents, is applicable without consideration. In Rajkukhy Dabee v Bhootnath Mookerjee.
However, a valid reflection that has been made in the past to support a promise may, in certain circumstances, form the basis of another subsequent contract. These occur when a person`s obligation to act for one reason or another has no longer become binding. If the person then makes a new promise on the basis of the unsatisfied obligation of the past, the new promise will be binding without further consideration. There are three types of cases. The accused promised to pay his wife a fixed amount of money each month for her separate stay and support. The agreement was a recorded document that mentioned some disputes and disagreements between the two parties. The Calcutta Supreme Court refused to consider the agreement as an agreement under this exception. The court found no evidence of affection between the parties whose disputes had forced them to separate. With this exception, it is necessary that the agreement be concluded with love and affection. In each of these cases, such an agreement is a contract.
Under Section 25 of the Indian Contract Act, there are no exceptions similar to the common law, but some exceptions are established. It says that an agreement is non-tradeable, unless the term «counterparty» is used in the sense of «something for compensation.» An agreement without consideration is a simple promise, and exnudo pacto non aritio actio cannot be made mandatory for the parties. Sir Frederick Pollock defined the reflection: «This is the price for which the promise of the other is bought, and the promise of value thus made is enforceable.» We examined the importance of this prohibitive phrase in Chapter 8 «Introduction to Contract Law» (remember the English High Trees case). This is another type of promise that the courts will make without consideration. Simply put, the change of sola must be prohibited from refusing a promise if someone else later relied on it. this means that the courts will prevent the promisor from asserting that there was no quid pro quo. The doctrine of change of sola is invoked in the interest of justice, if three conditions are met: (1) the promise is a promise that the promisor should reasonably expect to induce or take action if it takes on a particular and essential character; (2) the act or indulgence is taken; and (3) Injustice can only be avoided by applying the promise. (Complete phraseology is «promissory estoppel» with an unfavorable dependence. » kanwarn.wordpress.com/2014/03/20/consideration-part-2-of-3-contracts-without-consideration/ prescriptionThe law that determines the length of a person`s legal action after a remedy.