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of <h1>Understanding Key Contract Terms: Proposal, Promise, Consideration, and Void Agreements in Section 2 of Indian Contract Act, 1872.</h1> Section 2 of the Indian Contract Act, 1872, defines key terms related to contracts. A 'proposal' is when one person expresses willingness to act or refrain from acting to gain another's assent. Acceptance of a proposal turns it into a 'promise.' The 'promisor' makes the proposal, while the 'promisee' accepts it. 'Consideration' involves an act or abstinence at the promisor's request. An 'agreement' is a set of promises forming mutual consideration. 'Reciprocal promises' are mutual considerations. A 'void' agreement lacks legal enforceability, while a 'contract' is enforceable by law. A 'voidable contract' is enforceable at the option of certain parties. A contract becomes void if it ceases to be enforceable.
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