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Aman promises to pay Bharat, his servant a reward of rupees 144 finding his lost gold chain. it is to be kept in mind that Bharat has not been offered for that activity in his past and please tell me what kind of contact is this between executed contact or executory contract?
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Aman promises to pay Bharat, his servant a reward of rupees 144 findin...


Nature of the Contract:

- The contract between Aman and Bharat is an executory contract.

Explanation:

An executory contract is a contract where one or more parties have not yet fulfilled their obligations under the contract. In this case, Aman has promised to pay Bharat a reward of rupees 144 for finding his lost gold chain. Bharat has not yet found the gold chain, so his obligation under the contract has not been fulfilled.

Once Bharat finds the lost gold chain, the contract will become executed because both parties will have fulfilled their obligations - Aman will have paid the reward, and Bharat will have found the gold chain.

In an executory contract, there is still an outstanding obligation that needs to be fulfilled by one or more parties. In this case, Bharat still needs to find the lost gold chain in order for the contract to be fully executed.
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Aman promises to pay Bharat, his servant a reward of rupees 144 finding his lost gold chain. it is to be kept in mind that Bharat has not been offered for that activity in his past and please tell me what kind of contact is this between executed contact or executory contract?
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Aman promises to pay Bharat, his servant a reward of rupees 144 finding his lost gold chain. it is to be kept in mind that Bharat has not been offered for that activity in his past and please tell me what kind of contact is this between executed contact 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 Aman promises to pay Bharat, his servant a reward of rupees 144 finding his lost gold chain. it is to be kept in mind that Bharat has not been offered for that activity in his past and please tell me what kind of contact is this between executed contact or executory contract? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Aman promises to pay Bharat, his servant a reward of rupees 144 finding his lost gold chain. it is to be kept in mind that Bharat has not been offered for that activity in his past and please tell me what kind of contact is this between executed contact or executory contract?.
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