Question

every promise or set of promises forming the consideration for Each Other under section 2(e) is called ​

Answer 1

In this question, we are asked to give one word of the same.

• Agreement is the answer.
• every promise or set of promises forming the consideration for Each Other under section 2(e) is called ​Agreement.
• According to Section 2(e) of the ICA, an agreement is "every promise and every combination of promises, comprising the consideration for each other."
• An agreement is a pact or arrangement that two or more parties have formed.
• An agreement is a declaration of two or more parties' assent. It happens as a result of an offer and an acceptance and symbolizes the fusion of ideas toward a common objective. Words, behavior, and in certain circumstances even silence can all be used to demonstrate an agreement.
• An agreement that is enforceable by law at the discretion of one or more of the parties thereto but not at the option of the other or others is referred to as a contract.

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Answer 2

Every promise or set of promises forming the consideration for Each Other under section 2(e) is called Agreement.

• "Agreement" has been interpreted by Section 2(e) of the Indian Contract Act as “Every promise and every set of promises, forming the consideration for each other, is an agreement”.
• An agreement is an understanding or arrangement entered between two or more parties.
• In difference, a contract is a particular type of agreement that is legally binding and enforceable in a court of law by its extent and components.
• Where each contract is an agreement but every agreement is not a contract. An agreement extensively includes an offer, its approval and consideration, all of which must be bound together by transmission within an adequate period.
• Every agreement is a contract if they are given rise to by the free consent of parties competent to contract, for a lawful consideration and with a lawful subject, and are not expressly declared to be void.

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