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A promised to sell his property to Y B for 10lakhs cashdown ,but B pays only 250000 as earnest money and promises to pay the balance on next sunday .on the other hand ,A gives the possession of the plot to B and promises to execute the sales deed on receipt of whole amount . state the nature of contract in given situation?
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A promised to sell his property to Y B for 10lakhs cashdown ,but B pay...
Nature of Contract: Contract for Sale

Explanation:

1. Offer and Acceptance: In the given situation, A offers to sell his property to B for 10 lakhs, and B accepts the offer by paying 2.5 lakhs as earnest money.

2. Consideration: The consideration for the contract is 10 lakhs, out of which 2.5 lakhs have already been paid as earnest money.

3. Possession: A has given the possession of the plot to B, which indicates that the contract is for the sale of immovable property.

4. Sales Deed: A promises to execute the sales deed on receipt of the whole amount, which indicates that the contract is for the sale of property.

5. Time of Payment: B has promised to pay the balance amount on next Sunday, which indicates that the contract is conditional upon the payment of the balance amount.

6. Legal Formalities: The contract for the sale of immovable property must be in writing, and the sales deed must be executed and registered as per the provisions of the Transfer of Property Act, 1882.

In conclusion, the nature of the contract in the given situation is a contract for sale, which is conditional upon the payment of the balance amount and the execution of the sales deed.
Community Answer
A promised to sell his property to Y B for 10lakhs cashdown ,but B pay...
Executory contract
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A promised to sell his property to Y B for 10lakhs cashdown ,but B pays only 250000 as earnest money and promises to pay the balance on next sunday .on the other hand ,A gives the possession of the plot to B and promises to execute the sales deed on receipt of whole amount . state the nature of contract in given situation?
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A promised to sell his property to Y B for 10lakhs cashdown ,but B pays only 250000 as earnest money and promises to pay the balance on next sunday .on the other hand ,A gives the possession of the plot to B and promises to execute the sales deed on receipt of whole amount . state the nature of contract in given situation? 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 promised to sell his property to Y B for 10lakhs cashdown ,but B pays only 250000 as earnest money and promises to pay the balance on next sunday .on the other hand ,A gives the possession of the plot to B and promises to execute the sales deed on receipt of whole amount . state the nature of contract in given situation? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A promised to sell his property to Y B for 10lakhs cashdown ,but B pays only 250000 as earnest money and promises to pay the balance on next sunday .on the other hand ,A gives the possession of the plot to B and promises to execute the sales deed on receipt of whole amount . state the nature of contract in given situation?.
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