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Consideration is one important aspect in a Contract. Section 2(d) of the Indian Contract Act(hereinafter referred as Act) defines consideration. 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 a consideration for the promise.
Essentials of Consideration
When we analyse the definition there are certain specifications which forms the term consideration. These are described below.
a.  The desire of the promisor
The promisor is the person who makes the offer(Section 2(c) of the Act). The promisee is the person who accepts the proposal.(Section 2(c)). An acceptance is made always at the desire of the promisor.
b.  Consideration given by promisee or any other person
The consideration must move from the promisee or any other person. The consideration may not necessarily move from the promisee.
A consideration is thus an important element in a contract. According to Section 25 of the Act an agreement made without consideration is void. Lawful consideration is an essential part of contract.
Exceptions to the rule
Exceptions to the rule that an agreement without consideration is void is contained in subsections 1 to 3 of Section 25 of the Act. They are:
Natural love and affection.
Promise to compensate
Time barred debt
1. Natural love and affection
As per sub-section 1 of Section 25 of the Act, when one person who is having fiduciary relationship with another makes a promise and it is reduced into writing, signs it and registers it, the agreement is a contract even though there is want of consideration. Natural love and affection is an exception to the rule.
2. Promise to compensate
When one person does anything voluntarily for the favour of another person and the other person is benefitted and in return promises to pay something, then it can be enforced even though there is want of consideration.
3. Time barred debt
If a debt barred by limitation has been promised to be paid by the defaulter who in law is no more a defaulter, then it can be enforced as a lawful contract even though there is want of consideration. The promise stated here must be in writing and executed by the person concerned.

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