Correct option is C
The statement "It need not be adequate to the promise" (option c) is correct under the Indian Contract Act, 1872. However, if the question asks for the incorrect statement among the provided options, none of the statements here are incorrect. The consideration must be at the desire of the promisor, it can be past consideration, and it need not be adequate to the promise. The correct answer for an incorrect statement would generally pertain to a misunderstanding of these principles, but based on these options, there's no incorrect statement.
Information Booster: Consideration is the value given in return for a promise and is essential for a contract to be valid. However, Indian law does not require the consideration to be adequate, meaning it doesn't have to be equal to the value of the promise. The presence of consideration is enough to make a contract binding.
Additional Knowledge:
· (a) Desire of the promisor: The consideration must be provided at the promisor's request.
· (b) Past consideration: Valid in India if it was done at the desire of the promisor.
· (d) Stranger to it cannot sue: The doctrine of privity of contract implies that only parties to a contract can sue or be sued on it.
