Moral obligation is not a valuable consideration. A promissory note executed after attainment of majority for services rendered to the defendant during his minority is for valuable consideration, but not where the maker executed a pronote as a mere name lender for a person whose name was not intended to be disclosed in the document, nor where a note is executed for security for money to be advanced which is, in fact, not afterwards advanced. A pronote executed in consideration of one’s father’s past debt,or ,a pronote executed by A in favour of C in consideration of C forbearing to sue A for a former pronote executed by A to C, is for good consideration. It consists of some act or forbearance of the promisee or of some third person.
It means some gain or benefit to the person making the promise and corresponding loss or injury to the party to whom it is made. Consideration means, here, valuable consideration as contemplated in the Indian Contract Act.
