When Agreement Without Consideration Is Valid?

A contract without consideration is void because it is not legally enforceable. "Consideration" means that each party must provide something of value to the other party as designated by the contract terms.

Can an agreement be valid without consideration?

The Indian Contract Act of 1872 states that for any contract to be legally binding, consideration should be provided. An agreement without consideration is not considered valid.

What is an agreement without consideration?

An agreement without consideration is a bare promise and exnudo pacto non aritio actio, i.e., cannot be held to binding on the parties. Sir Frederick Pollock has defined consideration, “It is the price for which the promise of the other is bought, and the promise thus given for value is enforceable.”