The term “counterpart” is used in the sense of “something against a quid pro quo. An agreement without consideration is a simple promise, and exnudo pacto non aritio actio cannot be made mandatory for the parties. Sir Frederick Pollock defined the reflection: “This is the price for which the promise of the other is bought, and the promise of value thus made is enforceable.” Some promises that might otherwise be used as a consideration are invalidated by the Promisor for a number of reasons, including childhood, fraud, coercion or error. But a cancelled contract is not automatically invalidated, and if the coder has not avoided the contract, but then renews its promise, it is binding. For example, Mr. Melvin sells his bike to 13-year-old Seth. Seth promises to pay Mr. Melvin a hundred dollars. Seth can refuse the contract, but he doesn`t. When he was eighteen, he renewed his promise to pay the hundred dollars. This promise is binding.
(A promise made up to its 18th century would not, however, be binding, as it would always have been minor.) The gift, offered by a donor and the recipient, will be valid without consideration. Therefore, no consideration is required in the gift agreements. In Vasant Rajaram Narvekar v Ankusha Rajaram Narvekar Mother`s gift to her underage son with the right to property until his life. The son kept it with his father and did not refuse to reach the majority. Thus accepted and irrevocable. The seller agrees to deliver one tonne of coal within seven days. The buyer needs the coal earlier and asks the seller to deliver within four days. The seller agrees.
This promise is binding, even if the seller has no additional consideration to issue beyond the purchase price of the agreed additional tax (the requirement that the coal be given to the buyer earlier than originally planned). The UCC authorizes a distributor to offer an offer related to the companyA promise signed by a distributor to keep an open offer, signed, in writing, for the distributor`s commitment, to keep the offer open for purchase or sale, without consideration. Unique Code of Trade, Section 2-205.