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A contract in which, under the terms of a contract, nothing remains to be done by either party is known as
- a)executed contract.
- b)executory contract
- c)unilateral contract.
- d)none of the above.
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
A contract in which, under the terms of a contract, nothing remains to...
An executed contract is one in which nothing remains to be done by either party.
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A contract in which, under the terms of a contract, nothing remains to...
Executed Contract:
An executed contract is a type of contract in which both parties have fulfilled their obligations under the terms of the contract. In other words, an executed contract is a contract that has been fully performed by both parties. Once the contract has been fully performed, both parties are released from their obligations and the contract is considered to be completed.
Characteristics of Executed Contract:
1. Both parties have completed their obligations: In an executed contract, both parties have completed their obligations under the terms of the contract.
2. No further action is required: Once the contract has been fully performed, there is no further action required by either party.
3. The contract is legally binding: An executed contract is a legally binding agreement between two parties.
Examples of Executed Contracts:
Examples of executed contracts include:
1. A contract for the sale of goods where the goods have been delivered and payment has been made.
2. A contract for the performance of services where the services have been completed and payment has been made.
3. A lease agreement where the lease term has ended and the tenant has vacated the premises.
Conclusion:
In summary, an executed contract is a contract in which both parties have fulfilled their obligations under the terms of the contract. Once the contract has been fully performed, both parties are released from their obligations and the contract is considered to be completed.
An executed contract is a type of contract in which both parties have fulfilled their obligations under the terms of the contract. In other words, an executed contract is a contract that has been fully performed by both parties. Once the contract has been fully performed, both parties are released from their obligations and the contract is considered to be completed.
Characteristics of Executed Contract:
1. Both parties have completed their obligations: In an executed contract, both parties have completed their obligations under the terms of the contract.
2. No further action is required: Once the contract has been fully performed, there is no further action required by either party.
3. The contract is legally binding: An executed contract is a legally binding agreement between two parties.
Examples of Executed Contracts:
Examples of executed contracts include:
1. A contract for the sale of goods where the goods have been delivered and payment has been made.
2. A contract for the performance of services where the services have been completed and payment has been made.
3. A lease agreement where the lease term has ended and the tenant has vacated the premises.
Conclusion:
In summary, an executed contract is a contract in which both parties have fulfilled their obligations under the terms of the contract. Once the contract has been fully performed, both parties are released from their obligations and the contract is considered to be completed.
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A contract in which, under the terms of a contract, nothing remains to...
Executed contract is the one in which both the parties have already performed their obligations respectively. So, obviously nothing remains to be done by either party
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A contract in which, under the terms of a contract, nothing remains to be done by either party is known asa)executed contract.b)executory contractc)unilateral contract.d)none of the above.Correct answer is option 'A'. Can you explain this answer?
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A contract in which, under the terms of a contract, nothing remains to be done by either party is known asa)executed contract.b)executory contractc)unilateral contract.d)none of the above.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A contract in which, under the terms of a contract, nothing remains to be done by either party is known asa)executed contract.b)executory contractc)unilateral contract.d)none of the above.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A contract in which, under the terms of a contract, nothing remains to be done by either party is known asa)executed contract.b)executory contractc)unilateral contract.d)none of the above.Correct answer is option 'A'. Can you explain this answer?.
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