Agreement Every promise and every set of promises, forming the consideration for each other, is an agreement.
Consideration When, at the desire of the promisor, the promise or any other has done or abstained from doing or does or abstains from doing, or promises to do or abstain from doing, something, such act or abstinence or promise is called consideration for the promise.
Promisor or Pomisee Person making the proposal is called the promisor, and the person accepting the proposal is called the promise.
Purpose of Law of contract Purpose of Law of contract is to maintain a good society. This means that if two people enter contract the conditions of the contract should be binding on both of them in order to maintain truthfulness in the society. If any of the party fails …
Define Law of contract There have been several definition presented for Law of contract but there are 2 very important definitions which are going to state below. A contact is agreement between two or more parties to do or not do a certain act and this agreement is binding on …
What is Law of Contract? The Law of Contract was constituted in 1872 and it lays down the rules regarding commercial transactions. The extent of the contract is that it is binding on every Pakistani and this law will decide the matters which will result in case of breach of …