International Journal of Management, IT & Engineering Vol. 9 Issue 2(2), February 2019, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: http://www.ijmra.us, Email:
[email protected] Double-Blind Peer Reviewed Refereed Open Access International Journal - Included in the International Serial Directories Indexed & Listed at: Ulrich's Periodicals Directory ©, U.S.A., Open J-Gate as well as in Cabell‘s Directories of Publishing Opportunities, U.S.A A REVIEW ABOUT CONSIDERATION AND LEGAL REQUIREMENTS REGARDING CONSIDERATION Seema Assistant Professor Indus Degree College, Kinana Jind Abstract : Consideration is, in a sense, the price agreed to be paid by the promisee for the obligation of the promisor. Consideration has, therefore, been defined in an English judgment as "some right, interest, profit or benefit accruing to one party (i.e. promisor) or forbearance, detriment, loss or responsibility given, suffered or undertaken by the other (i.e., the promisee)" at the request of the promisor. The word consideration was described in a very popular English case of Currie v. Misa. Section 2(d) defines consideration as follows: " When at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing or promises to do or abstain from doing something, such an act or abstinence or promise is called consideration for the promise". (1) That is to say, consideration is the doing or not doing of something which the promisor desires to be done or not done. (2) Consideration must be at the desire of the promisor. (3) Consideration may move from promisee or any other person.