A, for natural love and affection, promises to give his son, B Rs 10,000. B is of the age 15 years. A puts his promise to B in writing and registers it. Which of the following is correct in this regard?

This is a contract and absence of consideration does not make it void.

The correct answer is Option 2: This is a contract and absence of consideration does not make it void.

Indian Contract Act:

• In India, the Indian Contract Act, 1872, governs the validity of contracts.
• Section 25 of the Act deals with contracts without consideration. It states that an agreement made without consideration is void unless it is in writing and registered under the law for the time being in force for the registration of documents, and is made on account of natural love and affection between parties standing in near relation to each other.

In the present scenario:

• A (father) promises B (son) Rs. 10,000, which satisfies the "natural love and affection" clause.
• The promise is put in writing and registered, fulfilling the legal requirement.

Therefore, even though there's no exchange of something valuable (consideration) for the promise, the relationship between A and B and the written and registered document make it a valid contract enforceable by law.

Further, the minors (below 18 years old in India) generally have limitations on entering contracts.
As per the Indian Contract Act, Any person who is a major, i.e., above 18 years of age, is competent to enter into a contract and minors are not competent to enter into a contract. The exception to this rule is that, if a minor enters into a contract and the enforcement of such contract is beneficial for the minor then it will not be held to be void. In this case, the contract is for the benefit of the minor son and thus, the contract is valid.