Every promise and every set of promise forming the consideration for each other is a an ........

Indian Contract Act (ICA)1872 Introduction and Definition

Every promise and every set of promise forming the consideration for each other is a/an

contract.

agreement.

offer.

acceptance.

• Every promise and every set of promise that form the consideration for each other is called a reciprocal promise.

• When such promises exist, they together form an agreement.

• An agreement is when two or more parties exchange promises, which is the foundation of any contract.

• A contract is a legally enforceable agreement, but requires more than just mutual promises (like legality, capacity, etc.).

• An offer is when one person proposes something to another, awaiting acceptance.

• Acceptance is the act of agreeing to an offer.

• So, the right answer is:

Option: 2, agreement.

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