Definitions u/s 2 of the Indian Contract Act 1872 in Tamil | CMA Foundation Law Classes Video Series

Video Summary
Proposal/ Offer
முன்மொழிதல்
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

Promise
வாக்குறுதி
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

Promisor and Promisee
வாக்குறுதி அளித்தவர் மற்றும் வாக்குறுதி பெற்றவர் The person making the proposal is called the “promisor”, and the person accepting the proposal is called the “promisee”

Consideration
மறுபயன் When, at the desire of the promisor, the promisee or any other 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 or abstinence or promise is called a consideration for the promise.

Agreement
உடன்படிக்கை Every promise and every set of promises, forming the consideration for each other, is an agreement;

Reciprocal Promises
பரஸ்பர வாக்குறுதிகள் Promises which form the consideration or part of the consideration for each other are called reciprocal promises. Reciprocal promises requires both the parties to the agreement to do something.

Void Agreement
செல்லாத உடன்படிக்கை
An agreement not enforceable by law is said to be void;

Contract
ஒப்பந்தம் An agreement enforceable by law is a contract;

Voidable Contract
தவிர்க்கக்கூடிய ஒப்பந்தம் 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. The contract will be void if the party having the option do not make it valid.

Void Contract
செல்லாத ஒப்பந்தம் A contract which ceases to be enforceable by law becomes void when it ceases to be enforceable.

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