Section 23(b) in Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
(b)A, promises to pay B 1,000 rupees at the end of six months if C, who owes that sum to B, fails to pay it. B promises to grant time to C accordingly. Here the promise of each party is the consideration for the promise of the other party and they are lawful considerations.
