Legal Principle: Generally, an agreement without consideration is not valid. Therefore, in order to make a valid agreement, some consideration which may have some value in the eyes of law is essentially required.Factual Situation: William has an old car of which he makes seldom use. He voluntarily enters into an agreement with Smith to sell this car for ` 10,000. Thereafter, one Anson approaches William and offers to buy that care for ` 1 lakh as the car was one which Anson has been searching for long. Now William wants to cancel his agreement with Smith and refused to deliver the car to him saying that consideration (price) for the car promised by Smith is negligible and, therefore, agreement with him cannot be said to be valid one. (CLAT 2013)

Each question consists of legal principle(s) (hereinafter referred to as 'principle') and facts. Such proposition may or may not be true in the real and legal sense, yet you have to conclusively assume them to be true for the purposes of this section. You have to apply the principles to the given facts to arrive at the most reasonable conclusion. Only one of the alternatives, i.e., (A), (B), (C), or (D) is the most reasonable conclusion. Remember: you must not rely on any principle except the principles that are given for every question.