Explain “Consideration” as an essential element in a contract?

Q. Consideration: Essential element in a contract.
Sec. 2 (d) – Refines consideration as when at the desire of the promise the promisee or
any other person
(i) Has done or abstained from doing something.
(ii) Does or abstains from doing something.
(iii) Promises to do or abstains from doing something.
Then such an act abstinence or promise is called a consideration than promise.
Definition analyzed:
I. At the desire of the promisor:
The act or forbearance must be done at the desire of the promisor. A voluntary
act is not a consideration.
II The promisee or any other person.
Consideration can be furnished by the promisee or any other person it may m ove
from the promisee or a third party. .
In English law, consideration must move from the promisee himself and not from
any other person.
III. has done or abstained from doing.
Past consideration. Something wholly does not suffered, before making the
agreement.
In Indian Law past consideration is sufficient to sustain a valid contract. In
English law it has to be either present or future.
IV. Does or abstains from doing.
Consideration may consist either or some act which the promisee does, or of some
omission or for bearance on the part of the promisee or any other person.
Definition by pollock: Pollock defines consideration as the price for which the
promise of the other is bought and the promise thus given for value is enforceable.
Consideration is a important requisite or contract. There as 2 clearly separable part the
promise on one hand and the consideration for the promise on the other hand.
Sec.2 (e) -Every promise and every set of promises forming the consideration for each
other is an agreement.
Sec. 2 (f) – Promises which from consideration or part of the consideration for each other
is called reciprocal promises.
Consideration is a necessity to the validity of a contract. Law insist on the
existence of consideration.
Ex nudo pacto non oritur actio : Law will not enforce a promise given for nothing out
of nacked pact. No cause of action arises.
Consideration need not to adequate.
Anson: Court does not sit to make bargains for the parties, although the act must be done
for some consideration for some value.
Q. Points of difference between English and Indian law as regards
consideration:
1. English law, a contract under seal (registered) is binding without consideration Indian
Law has not such distinction. Consideration is a must.
2. English law, consideration must move from promisee only. Indian law, it may move
from promisee or any other person.
3. English law, consideration need not be adequate but must have some value Indian law
as per Sec. 25 natural love and affection is a good consideration.
4. English law, consideration may be present or future. Indian law past consideration
future. Indian law past consideration supports the subsequent promise.