Indian Contract Act,1872
Act No : 9
Section : Interpretation-clause
2.Interpretation-clause. In this Act the following words andexpressions are used in the following senses, unless a contraryintention appears from the context :- (a) When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal: (b) When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise: (c) The person making the proposal is called the " promisor and the person accepting the proposal is called the It promisee ": (d) When, at the desire of the promisor, the promisee or any other person has clone 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 :--------------------------------------------------------------------- 1 The chapters and sections of the Transfer of Property Act, 1882(4 of 1882), which relate to contracts are, in places in which thatAct is in force, to be taken as part of this Act-see Act 4 of 1882,a. 4. It has been amended in C.P. by C.P. Act 1 of 1915 and in C.P. andBerar by C.P. and Berar Act 15 of 1938. 2 Subs. by Act 3 of 1951, s. 3 and Sch., for " except Part BStates 3 The words " The enactments mentioned in the schedule hereto arerepealed to the extent specified in the third column thereof but "were rep. by Act 10 of 1914.This Act shall come into force in the State of Sikkim on 1-9-1984 videNotifn. No. s.o. 641 (E), dated 24.8.1984 Gaz. of India, Exty. Pt.II,See. 3 (ii).Extended to and brought into force in Dadra and Nagar Haveli (w.e.f.1-7-65) by Reg. 6 of 1963, s.2 & Sch. I.Extended to Goa, Daman and Diu by Reg. 11 of 1963, s.3 & Sch.Extended to the Union territory of pondicherry by Act 26 of 1968, s.3and Schedule.Extended to Laccadive, Minicoy and Amindivi Islands (w.e.f. 1-10-1967):vide Reg. 8 of 1965, s.3 & Sch.---------------------------------------------------------------------20 (e), Every promise and every set of promises, forming the consideration for each other, is an agreement: (f) Promises, which form the consideration or part, of the. consideration for each other are called reciprocal promises: (g) An agreement not enforceable by law is said to be void: (h) An agreement enforceable by law is a contract: (i) 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) A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.
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