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Acceptance of consideration lesser than that agreed is known as _______.
- a)Recission
- b)Novation
- c)Remission
- d)Alteration
Correct answer is option 'C'. Can you explain this answer?
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Acceptance of consideration lesser than that agreed is known as ______...
Remission means an act of reducing or cancelling the amount of money that somebody has to pay
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Acceptance of consideration lesser than that agreed is known as ______...
Acceptance of Consideration Lesser than Agreed Amount is known as Remission.
Remission is a term used in contract law which means the acceptance of a consideration that is lesser than the amount originally agreed upon. It is also known as waiver. The party who agrees to accept the lesser amount is said to have remitted the balance.
Remission can occur due to various reasons such as financial difficulties faced by one party or a change in circumstances. It is important to note that remission is only valid if it is done with the consent of both parties. If one party unilaterally decides to accept a lesser amount without the consent of the other party, it will not be considered remission and can be challenged in court.
Remission should be distinguished from accord and satisfaction, which is a settlement of a disputed amount for a lesser sum. In accord and satisfaction, the parties mutually agree to settle a disputed amount for a lesser sum, whereas in remission, there is no dispute and one party accepts a lesser amount voluntarily.
Remission can have legal implications and parties should be careful while accepting a lesser amount than agreed upon. It is advisable to document the remission in writing and have it signed by both parties to avoid any future disputes.
Remission is a term used in contract law which means the acceptance of a consideration that is lesser than the amount originally agreed upon. It is also known as waiver. The party who agrees to accept the lesser amount is said to have remitted the balance.
Remission can occur due to various reasons such as financial difficulties faced by one party or a change in circumstances. It is important to note that remission is only valid if it is done with the consent of both parties. If one party unilaterally decides to accept a lesser amount without the consent of the other party, it will not be considered remission and can be challenged in court.
Remission should be distinguished from accord and satisfaction, which is a settlement of a disputed amount for a lesser sum. In accord and satisfaction, the parties mutually agree to settle a disputed amount for a lesser sum, whereas in remission, there is no dispute and one party accepts a lesser amount voluntarily.
Remission can have legal implications and parties should be careful while accepting a lesser amount than agreed upon. It is advisable to document the remission in writing and have it signed by both parties to avoid any future disputes.
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Acceptance of consideration lesser than that agreed is known as ______...
C becoz remission is the change of certain terms of contract I think
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Acceptance of consideration lesser than that agreed is known as _______.a)Recissionb)Novationc)Remissiond)AlterationCorrect answer is option 'C'. Can you explain this answer?
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