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Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract?
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Promise to servant of rewarding 1000 rupees for finding his lost gold...
Executed Contract vs. Executory Contract
Executed Contract:
- An executed contract is a contract that has been fully performed by both parties.
- In this case, the promise made by the servant to reward 1000 rupees for finding the lost gold chain is an executed contract if the servant has already received the gold chain and paid the reward.
- Once both parties have fulfilled their obligations, the contract is considered executed and cannot be revoked.
Executory Contract:
- On the other hand, an executory contract is a contract where one or both parties still have outstanding obligations to fulfill.
- If the servant has not yet found the lost gold chain and therefore has not received the reward, the contract is considered executory.
- Both parties are still bound by the terms of the contract until the servant finds the gold chain and the reward is paid.
Conclusion:
- In conclusion, whether the contract in question is executed or executory depends on whether the servant has already found the lost gold chain and received the reward.
- If the obligations of both parties have been fulfilled, it is an executed contract. If there are still outstanding obligations to be met, it is an executory contract.
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Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract?
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Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract? 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 Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract?.
Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract? 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 Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Promise to servant of rewarding 1000 rupees for finding his lost gold chain.what kind of contract is this , executed contract or executory contract?.
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