BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Forbearance is often consideration for a promise by the debtor to pay an added amount.

Detailed explanation-2: -Forbearance is the intentional action of abstaining from doing something. In the context of the law, it refers to the act of delaying from enforcing a right, obligation, or debt. For example, a creditor may forbear legal action against the debtor if they settle the debt payment with new payment conditions.

Detailed explanation-3: -Forbearance to sue has always been regarded as a valuable consideration, since it is a kind of abstinence, which has been expressly elucidated and recognised as good consideration in the definition provided by the Indian Contract Act itself.

Detailed explanation-4: -Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required. A gift or gratuitous promise cannot be a consideration for they have no bargaining. The past performance also cannot be a consideration as there is no exchange.