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. Facts: William has an old car of which he makes seldom use. He voluntarily enters into an agreement with Smith to sell this car for rupees ten thousand. Thereafter, one Anson approaches William and offers to buy that care for rupees one lac 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.

2150+ Legal Awareness And Legal Reasoning Questions.

The Legal Aptitude or Legal Reasoning section in law entrance exams that holds maximum weightage and demands candidates to possess good knowledge of fundamentals. This section is used to test your legal awareness, analytical skills and problem-solving ability.