CA Foundation Exam > CA Foundation Questions > What is renunciation?a)Renunciation occurs wh...
Start Learning for Free
What is 'renunciation?'
- a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.
- b)Renunciation occurs where a party fails to perform adequately his contractual obligations.
- c)Renunciation occurs where both parties decide to abandon the contract.
- d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.
Correct answer is option 'D'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
What is renunciation?a)Renunciation occurs where one party, through hi...
Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations. Where one party renunciates, the other party may terminate the contract.
Most Upvoted Answer
What is renunciation?a)Renunciation occurs where one party, through hi...
Renunciation in contractual law refers to a situation where one party demonstrates an intention not to perform their contractual obligations. It is an important concept as it allows the innocent party to treat the contract as terminated and seek remedies for the non-performance.
Explanation:
Renunciation occurs when one party explicitly or implicitly communicates their intention to not fulfill their contractual obligations. This can be done through words, actions, or a combination of both. The innocent party must be able to demonstrate that the renunciation is clear and unequivocal.
Importance of Renunciation:
Renunciation is significant as it allows the innocent party to take certain actions in response to the non-performance. It gives them the right to consider the contract terminated and seek remedies for the damages caused by the renouncing party's failure to perform.
Remedies for Renunciation:
When one party renounces the contract, the innocent party has several remedies available to them, including:
1. Termination of the contract: The innocent party can treat the contract as terminated and cease their own performance obligations.
2. Damages: The innocent party can claim damages for any losses suffered as a result of the renunciation. This includes both direct and indirect losses that were reasonably foreseeable at the time of the renunciation.
3. Specific performance: In certain cases, the innocent party may seek a court order requiring the renouncing party to fulfill their contractual obligations. This remedy is typically only available when monetary damages are inadequate to compensate for the breach.
Examples of Renunciation:
1. A contractor informs the client that they will not be able to complete the construction project as agreed due to financial difficulties. This constitutes a renunciation as it clearly demonstrates the contractor's intention not to perform their obligations.
2. A supplier consistently fails to deliver goods as per the agreed-upon schedule without providing a valid reason. This behavior can be considered a renunciation as it shows a clear intention not to fulfill the contractual obligations.
In conclusion, renunciation occurs when one party demonstrates an intention not to perform their contractual obligations. It is an important concept in contractual law as it allows the innocent party to seek remedies for the non-performance. The innocent party can treat the contract as terminated, claim damages, or seek specific performance in response to the renunciation.
Explanation:
Renunciation occurs when one party explicitly or implicitly communicates their intention to not fulfill their contractual obligations. This can be done through words, actions, or a combination of both. The innocent party must be able to demonstrate that the renunciation is clear and unequivocal.
Importance of Renunciation:
Renunciation is significant as it allows the innocent party to take certain actions in response to the non-performance. It gives them the right to consider the contract terminated and seek remedies for the damages caused by the renouncing party's failure to perform.
Remedies for Renunciation:
When one party renounces the contract, the innocent party has several remedies available to them, including:
1. Termination of the contract: The innocent party can treat the contract as terminated and cease their own performance obligations.
2. Damages: The innocent party can claim damages for any losses suffered as a result of the renunciation. This includes both direct and indirect losses that were reasonably foreseeable at the time of the renunciation.
3. Specific performance: In certain cases, the innocent party may seek a court order requiring the renouncing party to fulfill their contractual obligations. This remedy is typically only available when monetary damages are inadequate to compensate for the breach.
Examples of Renunciation:
1. A contractor informs the client that they will not be able to complete the construction project as agreed due to financial difficulties. This constitutes a renunciation as it clearly demonstrates the contractor's intention not to perform their obligations.
2. A supplier consistently fails to deliver goods as per the agreed-upon schedule without providing a valid reason. This behavior can be considered a renunciation as it shows a clear intention not to fulfill the contractual obligations.
In conclusion, renunciation occurs when one party demonstrates an intention not to perform their contractual obligations. It is an important concept in contractual law as it allows the innocent party to seek remedies for the non-performance. The innocent party can treat the contract as terminated, claim damages, or seek specific performance in response to the renunciation.
Free Test
FREE
| Start Free Test |
Community Answer
What is renunciation?a)Renunciation occurs where one party, through hi...
The word renunciation is play important role . It means simply rejected or not intention to do anything option d is correct
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer?
Question Description
What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. 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 What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. 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 What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer?.
What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. 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 What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. 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 What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer?.
Solutions for What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice What is renunciation?a)Renunciation occurs where one party, through his own act or default, incapacitates himself from performing his contractual obligations.b)Renunciation occurs where a party fails to perform adequately his contractual obligations.c)Renunciation occurs where both parties decide to abandon the contract.d)Renunciation occurs where one party demonstrates an intention not to perform his contractual obligations.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup