(3) it is a promise, made in writing and signed by the person to be charged therewith, or by his agent generally or specially authorized in that behalf, to pay wholly or in part a debt of which the creditor might have enforced payment but for the law for the limitation of suits. In any of these cases, such an agreement is a contract. Explanation 1.- Nothing in this section shall affect the validity, as between the donor and donee, of any gift actually made. Explanation 2.- An agreement to which the consent of the promisor is freely given is not void merely because the consideration is inade- quate; but the inadequacy of the consideration may be taken into account by the Court in determining the question whether the consent of the promisor was freely given.
A promises, for no consideration, to give to B Rs. 1, 000. This is a void agreement.
A, for natural love and affection, promises to give his son, B, Rs. 1, 000. A puts his promise to B into writing and registers it. This is a contract.
A finds B' s purse and gives it to him. B promises to give A Rs. 50. This is a contract.
A supports B' s infant son. B promises to pay A' s expenses in so doing. This is a contract.
A owes B Rs. 1, 000, but the debt is barred by the Limitation Act. A signs a written promise to pay B Rs. 500 on account of the debt. This is a contract.
A agrees to sell a horse worth Rs. 1, 000 for Rs. 10. A' s consent to the agreement was freely given. The agreement is a contract notwithstanding the inadequacy of the consideration.
A agrees to sell a horse worth Rs. 1, 000 for Rs. 10. A denies that his consent to the agreement was freely given. The inadequacy of the consideration is a fact which the Court should take into account in considering whether or not A' s consent was freely given.