This document defines key terms related to contract law: 1. An agreement is defined as a promise or set of promises where each is consideration for the other. 2. Reciprocal promises are promises that form consideration for each other. 3. A void agreement is one that is not enforceable by law. 4. A contract is an agreement that is enforceable by law. 5. A voidable contract is an agreement that is enforceable by law at the option of one or more parties but not the other parties. 6. A void contract is one that ceases to be enforceable by law.

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
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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 1872SECTION
02
Interpretation clause.
Consideration Past
Present
Future
Does or abstain
from doing
Has done
or
abstaine
d from
doing
Promises to do or
abstain from doing
Contract Act 1872SECTION
02
Interpretation clause.