Statutes > Georgia Statutes > TITLE 13 - CONTRACTS > CHAPTER 3 - ELEMENTS AND FORMATION GENERALLY > ARTICLE 3 - CONSIDERATION > § 13-3-40 - Necessity for consideration; presumption of consideration

§ 13-3-40 - Necessity for consideration; presumption of consideration

O.C.G.A. 13-3-40 (2010)
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.