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Factual: Mr. A and Mr. B signed a contract in which Mr. B agreed not to launch a rival company in the same town as Mr. A for the ensuing three years. Mr. A agreed to provide Mr. B a quantity of money in exchange when the three years had passed. Mr. A later objected to payment, arguing that there was no "consideration" for his payment pledge.
Question:
Which of the following statements about "consideration" in the Indian Contract Act is true in view of the guidelines established in the "Bishwanath Prasad vs. Dwarka Prasad (1982)" case?
Only the present and future must be taken into account.
The past, present, or future may all be taken into account.
For consideration to be considered, it must be worth money.
In unilateral contracts, consideration is not relevant.
Answers (1)
The Indian Contract Act specifies that consideration may be past, present, or future. The ruling in Biswanath Prasad v. Dwarka Prasad (1982) emphasised the significance and sufficiency of consideration, stating that the law is more concerned with its existence than its sufficiency.Hence option B is correct option .
