Consideration – Meaning, Definition and Essentials

consideration definition, meaning and essentials

Something is returning is meant consideration. Consideration definition and includes some right, interest, profit or benefit accruing to one party and some forbearance, detrainment, loss or responsibility given, suffered or undertaken by the other. Relevant Provisions: Section 2(d), 23, 24, 25, 127 and 185 of the Contract Act, 1872. Meanings of Consideration: Consideration means, “Something … Read more

Contract of Indemnity and Guarantee-Meaning and Definition

Contract of Indemnity and Guarantee

Contract of Indemnity and Guarantee: Contract of indemnity is a contract which is made to protect promisee from anticipated loss. This contract depends upon happening a loss. Whereas Guarantee is made to enable a person to get loan or goods on credits or employment. It may be oral or expressed. Read More: Contract law Indemnity … Read more