Current through 2023-2024 Legislative Session Chapters 1-496, 504, 505, 514, 516-545, 549, 550, 566, 570, 571, 578, 580, 586, 590-592, 594, 595, 604, 609, 612, 696, 697
Section 13-3-40 - Necessity for consideration; presumption of consideration(a) A consideration is essential to a contract which the law will enforce. An executory contract without such consideration is called nudum pactum or a naked promise.(b) In some cases a consideration is presumed, and an averment to the contrary will not be received.