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Explain the past consideration rule.

Explain the past consideration rule.

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PAST CONSIDERATION RULE

past consideration is a mean of promise or an act that was performed prior to the contract. If some one enforce a new contract then only the past consideration is available. When a new contract is written, past consideration will not count as consideration for the purposes of the contract. The reason for this is that past consideration occurred before the new contract was entered. If the new contract is signed then there is no need of past consideration.

It cant considered as a contract because there is no risk for promisee and the promisor is not get benefitted from this type of contract. It is occured when someone has any obligation to execute the contract only. Actually legally it may not be needed but when we are thinks morally the obligation should be done. So it is known as moral contract. This is not legal so that we can not enforce past consideration in the court.

ThankYou....

jeff jeffy answered 1 year ago
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