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. (Orig. Code 1863, § 2703; Code 1868, § 2697; Code 1873, § 2739; Code 1882, § 2739; Civil Code 1895, § 3656; Civil Code 1910, § 4241; Code 1933, § 20-301.)