What is a promise?

What is a promise?
You can say in simple words that promise is an accepted proposal.
When does the proposal

Proposal

Proposal
Proposal is made by the proposer and if this proposal is accepted by the other party it becomes a

Void contact

Void contact
A contract which ceases to enforceable by lay becomes void when it ceases to be enforceable.

Voidable contract

Voidable contract
An agreement which is enforceable by at the option or on or more of the parties thereto, but

Reciprocal promises

Reciprocal promises
Promises which form the consideration or part of consideration for each other, is an agreement.

Agreement

Agreement
Every promise and every set of promises, forming the consideration for each other, is an agreement.