Consideration | Components of Consideration | Rules | Indian Contract Act | Business Laws

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According to Section 2(d), Consideration is defined as: "When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or abstain from doing something, such act or abstinence or promise is called consideration for the promise".

a vital element in the law of contracts, consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract. ... In a contract, one consideration (thing given) is exchanged for another consideration

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