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contract law and promise contract law and promise

2 years ago

hi sir. i am a student. does all contract needs two promise to form or a contract may be formed from a single promise i know section 25 gives exception where one promise becomes contract can a contract be formed with single promise or all contracts to be formed require two promise otherwise there can be no contract
in unilateral contract ,there is only promise on behalf of offeror, and the offeree is just required to find the missing documents or if specified hand over it to the offeror for a promise to constitute on behalf of promisor (person making the offer). so according to consideration,definition 2(d) "when at the desire of the promisor, promisee or anyother person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing something,such act,abstinence or promise , is consideration for the promise." now if we look at the last words of definition 2(d), it says consideration is for a promise(offer+acceptance).in layman terms both parties must give something and get something i.e both parties should get consideration. if only the person whose wallet is lost makes promise , he will only get cosnideration by way of getting his lost document but the reward which the perosn found the document will niot be considerd as consideration as he had made no promise but made performance and consideration is for promisea s per 2(d).. so here only one person is getting conisderation and not the other. so how can there be a contract.

Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir,
Your issue seems to be complicated and matter needs to be discussed with reference to documents you have between you otherwise it is very difficult to suggest you a solution.

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Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hi,
The concept of consideration is important in contract law because “mutuality of obligation” is required for a contract to be enforced. To put it another way, in order for a contract to be legal, both parties must be compelled to perform under it. A unilateral contract is one in which the offeror commits to pay following the occurrence of a specific event. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a guarantee in exchange for another party, known as the offeree, acting (or refraining from acting). A unilateral contract is distinct from a bilateral contract, which involves the exchange of reciprocal promises between the parties.
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Anik

Responded 2 years ago

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A.Hi,
The idea of consideration is vital to contract law because, in order for a contract to be enforceable, there must be “mutuality of obligation.” In other words, in order for a contract to be valid, both parties to the contract must be required to perform under the contract. A unilateral contract is a contract agreement in which an offeror promises to pay after the occurrence of a specified act. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. A unilateral contract differs from a Bilateral Contract, in which the parties exchange mutual promises.
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