Question
In: Accounting
INSUFFICIENCY OF CONSIDERATION IS IMMATERIAL, BUT AN AGREEMENT WITHOUT CONSIDERATION IS VOID
INSUFFICIENCY OF CONSIDERATION IS IMMATERIAL, BUT AN AGREEMENT WITHOUT CONSIDERATION IS VOID
Solutions
Expert Solution
The statement is true with certain exceptions.
All agreements are contracts which are made between two or more parties for a lawful consideration and for a lawful object.The agreement which is legally enforceable is known as contracts. Insufficiency of consideration is immaterial, but there should be some consideration involved in the agreement between parties. An agreement without consideration is treated as void with the following exceptions:
a) if the agreement is made on account of natural love and affection between parties standing in near relation which is in writing and registered under the law for the time being in force
b) if it is a promise to compensate wholly or partially an amount to a person who has voluntarily done something for the promisor
c) if it is a promise in writing signed by the person to be charged or by his agent or by a person who is authorized in this behalf, to pay an amount wholly or in part debt of which the creditor might have enforced the payments but for the law.
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