--------- contracts are also called contracts with executed consideration.a)Unilateralb)Completedc)Bilaterald)ExecutoryCorrect answer is 'B'. Can you explain this answer?

Question

Answer

Consideration for promise has been completed or executed

Answer

Unilateral and bilateral concept are considered under executory contracts. Thus option A, C and D are incorrect as the question asked about the executed consideration i.e., completed contracts.

Answer

C

Answer

A consideration which consists in the performance of an act is said to be executed.

Answer

Completed contracts are also called contracts with executed consideration.

Unilateral contracts:
- Unilateral contracts are those in which only one party makes a promise or undertakes an obligation.
- The promise is made in exchange for the other party's performance or completion of a specific action.
- Until the action is completed, the contract remains executory.

Bilateral contracts:
- Bilateral contracts are agreements between two parties where both parties make promises or undertake obligations.
- In this type of contract, both parties are bound to perform their obligations.
- Bilateral contracts can be either executory or executed, depending on the stage of performance.

Executory contracts:
- Executory contracts are agreements where one or both parties have not yet fulfilled their obligations.
- These contracts are still in progress and not yet completed.
- Both parties have made promises or undertakings, but they have not been fully performed.
- Examples of executory contracts include contracts for future services, installment contracts, and leases.

Completed contracts with executed consideration:
- Completed contracts, also known as executed contracts, are ones where both parties have fulfilled their obligations.
- The promises made by each party have been performed or completed.
- Consideration refers to something of value that is exchanged between the parties in a contract.
- In completed contracts, the consideration has been executed or performed.
- This means that both parties have provided the agreed-upon consideration, such as payment or performance of services.

Examples of completed contracts with executed consideration:
- When a person purchases a product from a store and pays the full price, it is a completed contract with executed consideration.
- A contract for the sale of a house, where the buyer pays the purchase price and the seller transfers the property, is another example of a completed contract with executed consideration.

In conclusion, completed contracts are also referred to as contracts with executed consideration. These contracts occur when both parties have fulfilled their obligations, and the consideration has been executed or performed.

Answer

Can the ans be C...?
coz bilateral contract are also called executed contract...

Top Courses for CA FoundationView all

Quantitative Aptitude for CA Foundation

Principles and Practice of Accounting

Business Laws for CA Foundation

Business Economics for CA Foundation

Mock Tests & Past Year Papers for CA Foundation

Top Courses for CA Foundation

Top Courses for CA Foundation

Suggested Free Tests

Related Content

CA Foundation Courses

Other Courses

How To Prepare?

Other Exams

Company