"No consideration, no contract; subject to certain exceptions." Explain briefly.

The general rule is that an agreement made without consideration is void. But Section 25 of the Indian Contract Act lays down certain exceptions which make a promise without consideration valid and binding. Thus, an agreement without consideration is valid under the followings: If it is expressed in writing and registered and is made out of natural love and affection between parties standing in a near relation to each other; or If it is made to compensate a person who has already done something voluntarily for the promisor, or done something which the promisor was legally compellable to do; or If it is a promise in writing and signed by the person to be charged therewith, or by his agent, to pay a debt barred by the law of limitation. The requirements in the above exceptions are noteworthy. The first one requires written and registered promise. The second may be oral or in writing and the third must be in writing.