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Unit 3: Capacity to Contract




          7.   Consideration may be present, past or future. Illustrate.                        Notes
          8.   Are there any exceptions to the rule “No consideration, No contract”.
          9.   “A stranger to a contract cannot maintain a suit but a stranger to consideration can do so”,
               comment.
          10.   The term consideration is used in the sense of ‘quid pro quo’ or ‘something in return’. Does
               this ‘something’ to be necessarily in terms of money? Illustrate your answer.

          Answers: Self Assessment

          1.   minor                             2.  Section 68

          3.   liable                            4.  insolvent
          5.   agreement                         6.  Illegal consideration
          7.   confl icts                         8.   Section 27
          9.   legal proceedings                 10.   Limitation Act, 1963

          3.10 Further Readings




           Books      G. Vijayaragavan Iyengar (2007), Introduction to Banking, Excel Books, New Delhi,
                      India.
                      S .S Gulshan, Business Law, Third Edition, 2006, Excel Books, New Delhi.
                      S.S Gulshan, Mercantile Law, Third Edition, 2006, Excel Books, New Delhi.




           Online links   http://lawcommissionofi ndia.nic.in/1-50/Report13.pdf
                      http://business.gov.in/manage_business/contract_law.php


































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