In which one of the following, consideration is not required?
Verified Answer
A. contract of insurance
B. contract of bailment
C. contract of guarantee
D. contract of service
Explanation:
While consideration is generally essential for a valid contract under the Indian Contract Act, 1872, a gratuitous bailment (where goods are delivered for a purpose without any charge or reward) is an exception where consideration in the traditional sense is not required. The delivery of goods itself can be seen as a form of consideration, but it's often cited as an exception to the strict requirement of consideration moving from both sides.