Adequacy Of Consideration In The Indian Contract Act

Kartikey Rohilla, B.A. LL.B. (Hons.), NMIMS Kirit P. Mehta School of Law

ABSTRACT

Before understanding adequacy of consideration, we need to understand some what is a contract? According to section 2(h) An agreement enforceable by law is a contract.1 It might be a commitment of executing something and then a vow not to perform anything. A contract comes into existence when individuals or groups agree to something, with a few of them typically presenting a proposal and another approving it. The main topic which we have covered over here is adequacy on how adequacy of consideration works and what are the principles to fulfil adequacy of consideration. In this we have also dealt with some of the cases which were presented for adequacy of consideration in English and Indian court.

Keywords: Adequacy, Consideration, Proposal, Insufficient Consideration, Consideration for the promise