The Concept of Consideration in Special Contracts – An Innovation
The quintessence of submissions made in this paper is on the aspects of consideration in contracts, which run as a golden thread in any business contract today. The focus is on the Indian legal system and the basic law of contract, with some reference to the English common law. This article is a serious endevour to provide an “innovation” to the concept of consideration w.r.t the contract of indemnity and guarantee, with the changing times. To address inherent flaws and deficiencies in the “sense” of “consideration of promise” as given in section – 2(d) of the Indian Contract Act, 1872, and to its limitedness to the applicability in the contract of indemnity and guarantee due to inherent flaws in the “sense” as given u/s 2(d) of the Indian Contract Act, 1872.
Keywords - Consideration, Law of Contract, Indian Legal System, Contract of Indemnity and Guarantee.