BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In a contract, the promisor and the promisee both undertake certain obligations towards each other. These obligations can also be in the form of a reciprocal promise or a promise in exchange of a promise. The Indian Contract Act, 1872, provides for the law on reciprocal promises in Sections 51-58.

Detailed explanation-2: -Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

Detailed explanation-3: -A contract where the parties exchange a promise for a promise is known as a Bilateral Contract, whereas a contract where one party gives a promise and the other party performs an act is known as a Unilateral Contract. These legally enforceable promises may be in writing or oral.

Detailed explanation-4: -37. Obligation of parties to contract.-The parties to a contract must either perform, or offer to perform, their respective promises, unless such performance is dispensed with or excused under the provisions of this Act, or of any other law.-

Detailed explanation-5: -Unilateral contracts require one party to make a promise. The contract isn’t complete until someone performs it. Bilateral contracts, however, require at least two people to make promises to each other, such as when you rent an apartment.