“No consideration, No Contract” Discuss. Are there any exceptions to the rule explain

In mercantile law, the rule “No consideration, no contract” is a fundamental principle that implies a contract cannot be legally enforced unless there is consideration—something of value exchanged between the parties involved. Consideration is defined as the benefit that each party receives from the contract, or the detriment they suffer by fulfilling the terms of the agreement. According to Section 2(d) of the Indian Contract Act, 1872, consideration refers to "something which is of value in the eyes of the law," which can be either a benefit to one party or a detriment to the other.

The rationale behind this rule is to ensure that there is mutuality and reciprocity in a contract. Without consideration, a contract would be seen as a mere gift or ___ _______ _________ ____ ______.
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