Q.What is consideration? State the exceptions to the rule 'No consideration, no contract.'

Consideration is what each side gives up to get the other's promise, and the law generally insists on it — except in a short, specific list of situations. …

Consideration [Section 2(d)] is an act, abstinence, or promise, done or given at the desire of the promisor, by the promisee or any other person — in short, "something in return" for the promise made.

Rule: Section 25 makes an agreement without consideration generally void.

Exceptions (agreement valid even without consideration):

1. A written and registered agreement made out of natural love and affection between parties standing in a near relation to each other (e.g. a father registering a gift deed in favour of his son out of affection).
2. A promise to compensate a person who has already voluntarily done something for the promisor (past voluntary service), or something the promisor was legally bound to do.
3. A written, signed promise to pay a debt that is otherwise time-barred by the law of limitation. …

Forgetting that the natural-love-and-affection exception requires the agreement to be BOTH in writing AND registered — an oral promise out of …