Exclusive Option Agreement Without Consideration Enforceable
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FAQ
The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
No. As per Section 10 and Section 25 of the Indian Contract Act, 1872, consideration is essential in a valid contract. In simple words, no consideration no contract. Hence, you can enforce a contract only if there is a consideration.
In addition, an option contract requires consideration. If an option is not supported by consideration, it is considered an offer and not a contract. Consideration is generally defined as something of value.
Promissory estoppel: Under the promissory estoppel doctrine, a promise will be enforceable without consideration if: (1) the promisee acts or forbears in reliance on the promise and (2) this action or forbearance was reasonably foreseeable by the promisor.
Option contract: An option contract (i.e., a promise to hold an offer open for a set amount of time) usually does not need consideration, if the option is in a writing signed by the offeror, and recites that consideration has been paid for the option.