{Interpretation Clause only}
*Proposal
* Acceptance and Promise
* Promisor and Promisee
*Consideration
*Agreement
* Reciprocal Promise
*Void-
*Contract
Indian Contract Act 1872
Enforced on 1st September 1872
Interpretation - Clause/ Definitions:
Section 2(a)- Proposal: "When any person signifies to another his willingness or to do abstain to do anything, with a view to obtaining the assent of that other to such act or abstinence, he is said make a proposal.
Section 2(b): When the person to whom the proposal is made signifies his assent thereto is called the proposal is accepted. A proposal, when accepted becomes the "Promise."
Section 2(c): The person making the proposal is called "Promisor", and the Person accepting the proposal is called the"Promisee"
Section 2(d): Consideration: When, at the desire of the promiser, the promisor or any other person has done or abstain from doing, or does or abstain from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise.
Section 2(e): Agreement: Every Promise and every set of promises, forming the consideration for each other is "Agreement."
Section 2(f): Reciprocal Promise: Promises which form the consideration for each other, are called the "Reciprocal Promise."
Section 2(g): Void: An agreement which is not enforceable by Law is said to be "Void"
Section 2(h): Contract: An agreement which is enforceable by Law is a "contract"
Section 2(i): Voidable Contract: An agreement which is enforceable by Law at the option of one or more of the parties thereto, but not at the option of others, is a "voidable contract"
Section 2(j): A Contract which ceases to be enforceable by Law becomes void when it Ceases to be enforceable.
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