1. (e) "Agreement":
Every promise and every set of promises, forming he consideration for
each other, is an agreement;
f) "Reciprocal promises":
Promises which form the consideration or part of the consideration for
each other called reciprocal promises;
(g) "Void agreement":
An agreement not enforceable by law is said to be void agreement.
(h) "Contract":
An agreement enforceable by law is a contract.
(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 the other or others, is a voidable contract.
(j) "Void contract":
A contract which ceases to be enforceable by law becomes void when it
ceases to be enforceable.
Subject: Contract Law
Standard: LL.B First year
Topic: Definition of key terms
MUNIR HUSSAIN KTK
Lecturer
UNIVERSITY LAW COLLEGE
QUETTA
www.facebook.com/pages/Corridor-to-Commercial-Law
Objective
To learn
1. The key terms.
Consideration":
When, at the desire of the
Promisor,
The Promisee or
Any other person
Who has done or
abstained from doing, or
Does or abstains 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.
It is actually the value of
subject matter.
Consideration Abstinence
Promise
Act
Service
Money
Contract Act 1872SECTI ON
02
I nt erpret at ion clause.
Consideration Past
Present
Future
Does or abst ai n
f r om doing
Has done
or
abst aine
d f r om
doing
Pr om i ses t o do or
abst ain fr om doi ng
Contract Act 1872SECTI ON
02
I nt er pr et at ion clause.
