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Consideration

Corporate & Other Laws

How is consideration detriment to promise and benefit to promisor

Reetikaa R

CA Inter

★ 7K+

16-Mar-21 15:03

301

Answers (2)

Simply consideration means some thing In return

sai t

CA Foundation

★ 2K+

16-Mar-21 15:08

When a promisor makes a promise, it gets something from promisee which is known as consideration. Now what promisor gets is some benefit, right, interest etc. and what promisee gives can be termed as some loss, refrainment or detriment i.e. promisor parts with something. This definition was given in a particular case as mentioned in the module. What is relevant for you to know is the basic meaning which Sai wrote above and definition given in Contract Act.