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The Contract Act, 1872When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal

When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise

A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, but not afterwards

The person making the proposal is called the " promisor and the person accepting the proposal is called the promisee "

When, at the desire of the promisor, the promisee or any other person does or abstains from doing, or promises to do or to abstain from doing, something, such Act or abstinence or promise is called a consideration for the promise

Every promise and every set of promises, forming the consideration for each other, is an agreement

An agreement not enforceable by law is said to be void

An agreement enforceable by law is a contract

An agreement which is enforceable by law at the option of one or more of the parties- thereto, but not at the option of the other or others, is a voidable contractWho are competent to contractEvery person is competent to contract who is :of the age of majority according to the law who is of sound mind Who is not disqualified from contracting by any law

Two or more persons are said to consent when they agree upon the same thing in the same sense

Consent is said to be free when it is not caused by- coercionundue influenceFraudmisrepresentationmistakeBailment and pledgeA " bailment " is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them.

The person delivering the goods is called the "bailor". The person to whom they are delivered is called, the " bailee ".Bailor's duty to disclose faults in goods bailed.Care to be taken by bailee.Bailee when not liable for loss,etc., of thing bailed.Repayment, by bailor, of necessary expenses.

The bailment of goods as security for payment of a debt or performance of a promise is called " pledge ". The bailor is in this case called the " pawnor ". The bailee is called the " pawnee"