for documents downloaded visit www.advocatesl... Law of contract-1, part-2 CONSIDERATION (Sec - 2(d) )
consideration part2 act of positive manner explained in telugu
Consideration may be a right ,interest, profit, benefit to one party or forbearance, detriment, loss or responsibility given or suffered by the other party .
Example : “Shekar” promised “kiran” to lend his cycle where there is no consideration. One party may suffer the benefit or the loss.
CONSIDERATION :
1 . ACT (Positive manner)
2. FORBEARANCE.
3. RETURN PROMISE.
1. ACT (positive manner)
Contract of Guarantee: A contract to perform the promise or discharge the liability, of a third person in case of his default is called Contract of Guarantee.
A guarantee may be either oral or written.
The person who gives guarantee is called as Surety.
The person on whose default the guarantee is given is called as the Principal Debtor
Example : Surety of 1lakh.
explained the meaning of creditor , principal debtor and surety in telugu with the examples using the names of persons.
#CONSIDERATION
JUSTICE PATTERSON : Observed “consideration means something which is of some value in the eyes of law”
CONSIDERATION: means something in written “ Quid Pro Quo”:
“ Quid Pro Quo”: Is a latin word used in english to mean an exchange of goods or services, in which one transfer is contingent upon the other , “a favour for a favour” (or)A favour or advantage granted in return for something.
Section 2(d) of the Indian Contract Act Defines :
When at the desire of the promisor, the promisee or any other person has done or does or Abstained from doing something or promises to do ,such act is called “ A Consideration for the promise.”
1.Must move at the desire of the promisor.
Example: District collector - Construction of a market.
2.May move from the promisee or any other person.
Example : old lady gifted her property to her daughter.
May be past, present and future.
Past consideration means paying for the past services.
Example : teacher and student.
Present consideration means one side performance is completed and the other side performance is outstanding .
Example : any contest.
Future consideration or Executory consideration. : Both the parties have exchanged the promises but not completed yet.
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#consideration best advocate in Hyderabad
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