Consideration is one of the most essential elements of a contract, be it under any law. Consideration means gaining something in exchange for a promise. It forms the major part of any contract, either under English law or Indian law. Privity of contract, on the other hand, is a major legal doctrine which is followed in almost every country.
This paper explores what is the meaning of consideration and privity of contract under English and Indian law respectively. It explores the comparison between the two along with judicial precedents to further explain the comparison. The paper analyses the role of consideration and privity of contract in today’s context as well. As a conclusion, I proceed with a critical analysis and argue that the doctrines of consideration and privity of contract hold an importance in formation of every contract.
