Cpprasad (CA Student) (125 Points)
07 January 2014Please explain the below definition of consideration
Why Promisor attains benefit and why promisee attains detriment/loss? According to this definition?
Definition Of Consideration :
“A valuable consideration in the sense of the law may consist either in some right,interest, profit or benefit accruing to the one party,(i.e Promisor) or some forbearance,determent, loss, or responsibility given, suffered or undertaken by the other…(Promisee)”
CA Gyati Gupta
(In Practice)
(8427 Points)
Replied 08 January 2014
promisor is the person who promises to provide his services.
Promisee is the person to whom he is making promise.
for eg. :
x promises y to complete his homework for consideration of worth rs.100.
now x-promisor,
and y-promisee.
y gives x rs.100, hence a sort of loss suffered by y.(promisee)
x receivees rs. 100, hence gain enjoyed by x (promisor)
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