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A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), [1] subject to any ...
A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. [32] For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in exchange for the seller's promise to deliver title to the property.
For example. A promises to deliver certain goods to B after a week. B promises to pay the price after a fortnight, such consideration is future. Consideration must be real. Consideration must be real, competent and having some value in the eyes of law. For example, A promises to restore life to B's dead wife, if B pays him Rs.1000/—.
The distinction that creates an intended beneficiary is that one party—the "promisee"—makes an agreement to provide some consideration to a second party—the "promisor"—in exchange for the promisor's agreement to provide some product or service to the third-party beneficiary named in the contract.
The promise to pay a debt discharged by bankruptcy, the promise to perform a conditional responsibility despite the nonoccurrence of the condition, and the promise to perform on a voidable contract form a category of moral obligations that can bind in the absence of consideration.
Consideration can be anything of value (such as any goods, money, services, or promises of any of these), which each party gives as a quid pro quo to support their side of the bargain. Mutual promises constitute consideration for each other. [a] If only one party offers consideration, the agreement is a "bare promise" and is unenforceable.
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