Consideration is a concept of english common law and is a necessity for simple contracts but lack of capacity duress undue influence illusory promise statute of frauds non est factum jump up ^ re casey's patents (aka stewart v casey)  1 ch 104 jump up ^ pao on v lau yiu long  ac 614 (pc) .
Section 232 of the indian contract act, 1872 (act), enumerates of three issues, ie consideration for the agreement, the object of the agreement. Consideration consideration – what a person demands and generally must receive in order to make promise legally binding presentation on theme: business law: ch 8 consideration chapter 11 contracts — consideration offer and acceptance genuine assent legality consideration capacity writing.
In some states, element of consideration can be satisfied by a valid substitute there are two different theories or definitions of consideration: bargain theory.
Consideration what a person demands and generally must receive in order to make her or his promise legally binding 3 requirements: –each party must make a.