Exclusive Sales Contract Without Consideration
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FAQ
Following are some of the scenarios where there is no valid consideration involved: When a party promises to perform something he or she was already legally bound to perform. For example, when a policeman promises to catch the thief.
A contract without consideration is void because it is not legally enforceable. "Consideration" means that each party must provide something of value to the other party as designated by the contract terms.
The contract must include consideration. Common forms of consideration include money, property in exchange, or a promise to perform. Without consideration, a contract is not legally enforceable.
Definition. Consideration under contract law is defined as a bargained for exchange of value between parties of a contract. Without consideration, a contract cannot be enforced or is otherwise voidable (with only a very few exceptions).
