Law of Consideration in Contract

Abstract

The subject relates to the Contract Act, 1872 and the Sale of Goods Act, 1930. An agreement enforceable by law is contract . Its essential constituents are: 1. Parties competent to enter in to a contract; 2. Free consent of parties; 3. Lawful Consideration; 4. Lawful object; 5. Not against public policy. In this paper “consideration” is explained both in theory and practice.