Consideration (no consideration, no contract) exceptions are a. natural love and affection  b. voluntary compensation c. time-barred debt d. completed gift
e. contract of agency f. remission by the promisee

A contract in which one party wins and the other loses is called a wagering contract. A contingent event depends upon happening or non-happening of events.

Consideration is necessary. It may or may not be adequate. If the consent is not free, then the agreement is not valid though the consideration may or may not be sufficient.

A contingent contract is legal and valid.

A wagering agreement is void in India. But in the states of Gujarat and Maharashtra, it is illegal.

It is a way of performing the contract.

Offer for delivery of goods, services and money are the types of tender.

It is never applicable unless intended by promisee.

Only the currency currently in circulation can be taken as legal tender.

Novation means substitution of new contract in place of an old one. Alteration means changing one or more terms. Recission means cancellation of contract.

Anticipatory breach takes place before the due date.        Actual breach takes place on the due date.

Since the contract has been rescinded, so benefits should be restored.

The Court has the right to decide the amount of damages.

These damages are very nominal but awarded by Court only to recognize the wrong act of the concerned party.

These damages are awarded when it is difficult to assess the loss caused to aggrieved party.

It implies that the party is entitled to claim the payment as much as it has earned.

For example: An actor who had promised not to act for any other producer but is now going to contract with other producer, an injunction order may be given by Court.

These contracts are not based upon agreement, but imposed by law.

The position of finder is just as that of the bailee.

Contingent events always arise on happening or non-happening of an event.

In certain circumstances, silence may cause fraud.