Yashoswini Mishra, B. B. A LL. B (Hons), Birla School of law, Birla Global University, Bhubaneswar, Odisha, India
ABSTRACT
While all agreements are not contracts, all contracts are agreements. There are certain essentials mentioned in section 10 that makes an agreement a contract one of the essential is that there should be lawful consideration. This paper enlighten upon the fact that what is lawful consideration? and why it is an essential rule for valid consideration? Contrast between lawful and unlawful consideration. What substitutes lawful and unlawful consideration? Why unlawful consideration leads to void contract? This research paper involves findings focusing on the term lawful consideration referring to the section 23 of Indian Contract Act, 1872. Basically the paper focuses on lawful consideration as the prima facie essential rule for valid consideration.
Keywords: consideration, lawful, unlawful, forbidden by law
