Rules regarding consideration

Consideration is an essential element of a valid contract. Without exchange of consideration an agreement never becomes a valid contract. Two parties from each other which is consideration for both agreements there are certain agreements which become a valid contract give and take some benefit from each other which is consideration for both of them but this rule doesn’t apply is some agreements. There are certain agreements which become a valid contract without exchange of consideration. In such agreements only a party gets benefit as consideration but another party gets benefit as consideration but another party will not get benefit. So such agreements are called exceptions to the rule of consideration. The agreements without exchange of consideration are as under.
a.Agreement with love and affection.
b.Agreement with love and affection.
c.Agreement regarding donation or financial assistance.
d.Agreement regarding gift or present.
e.Agreement between agent and principal (agency).
f.Agreement to pay time barred debt.