(ii) The agreement is a promise to compensate something – if an agreement is reached to compensate the person who has already done something voluntary for the promisor, it can be done without consideration. Ranganyakamma v. K S Prakash , A power of attorney was exercised by a sister who waived her right to participate in common family property for the benefit of Re 1, but out of love and affection for the brother who also authorized the brother to enter into a divisional agreement in his name. The document was written and recorded. It was bound by its promise, for it was fully covered by the exception. In each of these cases, such an agreement is a contract. Verdict: “Rogata” can unload it, then sue “Voatka” to recover the sum. It is therefore a valid agreement. (a) Nature, love and affection: an agreement reached without consideration applies when it is concluded out of love, nature and affection, when such agreements are considered an agreement, in accordance with Section 2 (e) of the Indian Treaty Act of 1872, “any promise and series of promises that constitute consideration for each other.” However, this simple definition gives some ambiguity. The definition says that every promise is an agreement, but what is a promise? Point 2 (b) of the Indian Contracts Act of 1872 states that if the person to whom the proposal is submitted gives his or her compliant opinion, it is said that the proposal will be adopted. A proposal, if accepted, becomes a promise. In other words, a promise, if accepted by all parties in an agreement, becomes an agreement. To reach an agreement, one party would have to submit a proposal to the second part and the second party would have to accept it. A “accepted proposal” ensues.
This adopted proposal becomes a promise and, if this promise is adopted by all members in an agreement, it will become an agreement. An agreement is equal to the offer plus acceptance. There must be an offer from one party and acceptance from another party. Such an agreement, if legally applicable, is a contract. The main difference between the agreement and the contract is that an agreement must be socially accepted. It does not need to be legally applicable. For example, A B says he will give B a chocolate if he attends a party. It is socially acceptable, but it is not a contract. An agreement that was legal and applicable at the time of its creation may subsequently be invalidated because of the impossibility of effectiveness, a change in the law or for other reasons.
If it is invalidated, the contract will lose its legal effect. An agreement reached by a minor, agreement without consideration, certain agreements against public order, etc., (g) A agrees to sell horses worth 1,000 for cause 10. A disputes that his consent to the agreement was disclosed. There are some agreements that are expressly cancelled. Exceptions to the “No Consideration No Contract” rule. The general rule of law is that an agreement without consideration is null and fore. But there are some exceptional cases where a contract can be implemented, even without consideration. a) A promises, without consideration, to give B. 1,000.
It`s a no-deal. Section 148 of the Indian Contract Act, 1872, defines bailment as the supply of goods from one person to another for a specific purpose. This delivery is made on a contract which, after the completion of the objective, the goods are either returned or discarded, according to the instructions of the person delivering it.