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"No consideration,No contract" Explain with exception.

Answer: Consideration:Consideration for a particular promise exists where some right, interest, profit or benefit accrues (or will accrue) to the promisor as a direct result of some forbearance, detriment, loss or responsibility that has been given, suffered or undertaken by the promisee. The consideration must be executory or executed, but not past. Consideration is executoryConsideration can be anything of value (such as an item or service), which each party to a legally-binding contract must agree to exchange if the contract is to be valid. If only one party offers consideration, the agreement is not legally a binding contract. In its traditional form, consideration is expressed as the requirement that in order for parties to be able to enforce a promise, they must have given something for it (quid pro quo): something must be given or promised in exchange or return for the promise. contract:A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law. It is where an unqualified offer meets a qualified acceptance and the parties reach Consensus In Idem. The parties must have the necessary capacity to contract and the contract must not be either trifling, indeterminate, impossible or illegal. Hence by watching both definitions you can understand that contract required benefit for both parties. if there is no consideration for one party it means that party is not getting any benefit so. If there is no benefit for both party it means why they will make contract. And if benefit is only for one party then that is no contract because it is not full feeling contract first essential of exchange of promises, goods, services or something worth full for both parties.

Exceptions to the rule that No consideration No contract Section 25 declares that `an agreement made without consideration is void'. It means that consideration is a must in all cases. Exceptions to the rule are: written and registered agreement out of natural love and affection between the parties; promise to compensate a person who has voluntarily done something for the promisor; promise to pay time-barred debt; completed gift; creation of agency.

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