"Insufficiency of consideration is immaterial, bu

Question

"Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration." Comment.

21 Feb 2025

Answer :

Word Count : 567

In the realm of Business Law, the concept of consideration is a fundamental element in forming a valid contract. A contract, as defined under Section 2(h) of the Indian Contract Act, 1872, is an agreement enforceable by law. One of the essential elements for a contract to be enforceable is the presence of consideration. However, the statement that "insufficiency of consideration is immaterial" requires careful scrutiny, as it touches on a nuanced aspect of contract law.

Consideration, as per Section 2(d) of the Indian Contract Act, refers to something of value that is exchanged between the parties involved in a contract. This can take the form of a promise, act, or forbearance. The importance of consideration lies in its function of ensuring that the agreement is not one-sided, as it demonstrates that the parties have something at stake in the contract, _________ ____ _______ _________ _______ ___.
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