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X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give possession of the flat after one year. Y’s promise to give the possession is:
- a)Executed
- b)Executory
- c)Past
- d)Future
Correct answer is option 'B'. Can you explain this answer?
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X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give ...
Answer is Executory. Because the possession from y to x transferred after one year. so it use to be done in future.future consideration is also called as Executory
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X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give ...
Understanding Executory Promises
In the context of contract law, promises can be categorized based on their status regarding performance. Y’s promise to give possession of the flat to X after one year is classified as "executory."
Definition of Executory Promise
- An executory promise refers to a commitment that has not yet been fulfilled.
- In this case, Y has agreed to deliver possession of the flat at a future date (one year from the date of the agreement), which means the promise is still pending execution.
Characteristics of Executory Promises
- Pending Execution: The promise entails future action. Since possession will only be given after one year, it remains outstanding.
- Binding Agreement: The agreement itself is valid and legally binding, but its fulfillment is not immediate.
Why It Is Not Executed
- An executed promise involves a completed obligation, where one party has already performed their part of the deal. Since Y has not yet provided possession, the promise cannot be classified as executed.
Contrasting with Other Options
- Past Promise: This refers to a commitment that has already been fulfilled, which does not apply here.
- Future Promise: Although similar, this term is often broader and does not specifically emphasize the pending nature of the obligation as "executory" does.
In summary, Y's promise to provide possession of the flat after one year is clearly an executory promise, as it has yet to be fulfilled and is scheduled for future action.
In the context of contract law, promises can be categorized based on their status regarding performance. Y’s promise to give possession of the flat to X after one year is classified as "executory."
Definition of Executory Promise
- An executory promise refers to a commitment that has not yet been fulfilled.
- In this case, Y has agreed to deliver possession of the flat at a future date (one year from the date of the agreement), which means the promise is still pending execution.
Characteristics of Executory Promises
- Pending Execution: The promise entails future action. Since possession will only be given after one year, it remains outstanding.
- Binding Agreement: The agreement itself is valid and legally binding, but its fulfillment is not immediate.
Why It Is Not Executed
- An executed promise involves a completed obligation, where one party has already performed their part of the deal. Since Y has not yet provided possession, the promise cannot be classified as executed.
Contrasting with Other Options
- Past Promise: This refers to a commitment that has already been fulfilled, which does not apply here.
- Future Promise: Although similar, this term is often broader and does not specifically emphasize the pending nature of the obligation as "executory" does.
In summary, Y's promise to provide possession of the flat after one year is clearly an executory promise, as it has yet to be fulfilled and is scheduled for future action.
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X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give possession of the flat after one year. Y’s promise to give the possession is:a)Executedb)Executoryc)Pastd)FutureCorrect answer is option 'B'. Can you explain this answer?
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X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give possession of the flat after one year. Y’s promise to give the possession is:a)Executedb)Executoryc)Pastd)FutureCorrect answer is option 'B'. 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 X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give possession of the flat after one year. Y’s promise to give the possession is:a)Executedb)Executoryc)Pastd)FutureCorrect answer is option 'B'. 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 X paid to Y Rs. 7, 00,000 for purchases of a flat. Y promised to give possession of the flat after one year. Y’s promise to give the possession is:a)Executedb)Executoryc)Pastd)FutureCorrect answer is option 'B'. Can you explain this answer?.
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