Definition of thought economics
In the ordinary language, the term ‘think’ means in return (especially money) to buy something more. Therefore, it is so believed that the measurement of thought is mostly in ‘money’.
The idea is an important element of a valid contract: this means something in return for ‘Quid Pro Quo’, that is, in return or for something. When a person is promising to give or give something, anything in return should be found. “The “”something”” that has been agreed to obtain is known as “”thought””.”
Pollock has defined the idea as ‘, idea is the price for which the other’s promise is purchased, and thus the promise given for the price is enforceable.
Section 2(d) of the Indian Contract Act – when promises or any other person has stopped or abstain from doing or making such, or prohibiting or prohibiting such acts or abstracting, such Act or moderation or promises are called an idea for the promises. From the above definitions, it can be concluded that an idea is a promise made by the promise that something should be something that has some value in the eyes of the law.
Example. Manohar agrees to sell his house to Devan for the amount of Rs. 50,000. For Manohar’s promises, the idea is Rs.50,000 and for Dusevan’s promises, the idea is home.
On analyzing the definition of the ‘think’ given by the Indian Contract Act mentioned above, it is clear that an idea may be:
(1) An Act. The promises to do certain actions in favor of promises.
(2) a restraint. The idea may also include a restraint, that is, some work isn’t doing.
(3) The promise of a return. The idea is based on the theory of mutuality, i.e., an act or restraint from one party is thought for the other in return.
(4) Thought may be past, present or future. The idea that acts or restraint creates may exist, the past or the future one.
related rules
thought
The following rules (requirements) relate to ‘thought’
(1) at the desire of the reader. An idea that includes an act or moderation will be valid only if it is presented at the desire of a vizer. When a task is done on a third party example and not on Wizer’s desire, it won’t be a valid idea. For example, A protects B’s house from fire, in the example of C, the fire cannot demand any payment or idea from B for this task of saving your house from fire.
(2) Considerations of promises or any other person. The idea may transfer to another person by promise. Under the Indian Contract Act, the idea is not necessary to come by the promise; I can also be submitted by a stranger. For example, A gave B a home gift to B on condition that B would remit Rs.200 to C per month, out of rental income, as long as C is alive. In this case, C B is not going through any ideas. Even C can sue if the latter refuses to pay him Rs 200 per month.
(3) The idea includes any act or moderation, which may be past, present or future. The idea may include any work or restraint that has already happened. can be executed or executed in the future. The act of moderation can go together with the promises of the other side.
(4) Thoughts must be real and not imaginative or misleading. The idea should be real and there should be some value in the law’s eyes. Any work that cannot be done tangularly or checked cannot be legal and legitimate consideration. Uncertain and physically impossible ideas are not legitimate ideas. .
(5) The idea should be something that isn’t legally obliged to promise. Any task that the Viser is legally or otherwise obliged to do cannot constitute a legitimate idea.
(6) Adequacy of thought is Immaterial. For a valid contract, there should be at least some ideas, except for some exceptions. It’s not necessary that idea should be enough. There’s no enough content of thought. For example, X promises he donate his home to Y.But later, X refused to donate his home to Y.Y, because Y X is not taking any action against because Y X is not giving any ideas to Y.X.
The point can be painted by another example. It is a promise that he will sell his house to B for Rs 50,000 while the home market value is almost Rs. A promise of 5,000,000.A is valid provided he has given free consent to B and be able to enter the contract.
(7) The idea should not be against illegal, immoral and public policy. The proposed idea for an agreement must be legal and not in opposition to public policy. If the idea is in opposition to unlawful, unethical and public policy, the agreement cannot be implemented by law.
