CA Foundation Exam > CA Foundation Questions > Where the performance of a promise by one par...
Start Learning for Free
Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.
- a)Mutual and concurrent
- b)Conditional and dependant
- c)Mutual and Independent
- d)Both (a) and (b)
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
Where the performance of a promise by one party depends on the prior p...
Conditional and dependent reciprocal promises:
When the performance of a promise by one party depends upon the prior permission of the other party, it will be a conditional and dependent promise.
Example:
X promises to construct Y’s house, provided that Y supplies cement and bricks. This will be a conditional and dependent promise. Here, X need not perform the promise if Y fails to supply cement and bricks.
Most Upvoted Answer
Where the performance of a promise by one party depends on the prior p...
Reciprocal Promises:
Reciprocal promises refer to a situation where the performance of a promise by one party is dependent on the prior performance of a promise by the other party. In other words, both parties have made promises to each other, and the performance of each promise is contingent upon the other party fulfilling their promise first.
Conditional and Dependent:
The correct answer to the question is option 'B', which states that reciprocal promises fall under the category of conditional and dependent. This means that the performance of each promise is conditional upon the other party fulfilling their promise. Let's understand this concept in more detail:
Conditional Promises:
Conditional promises are promises that are subject to certain conditions. In the case of reciprocal promises, the condition is the prior performance of the promise by the other party. This means that if one party fails to fulfill their promise, the other party is not obligated to perform their promise.
Dependent Promises:
Dependent promises are promises that are reliant on the performance of another promise. In the case of reciprocal promises, each party's promise is dependent on the other party's promise. If one party fails to fulfill their promise, the other party's promise becomes void.
Example:
Let's consider an example to understand reciprocal promises better. Suppose Party A promises to deliver a product to Party B within a specified time frame, and in return, Party B promises to make the payment upon receiving the product.
In this scenario, Party A's promise of delivering the product is dependent on Party B's promise of making the payment. If Party B fails to make the payment, Party A is not obligated to deliver the product. Similarly, if Party A fails to deliver the product, Party B is not obligated to make the payment.
Conclusion:
Reciprocal promises fall under the category of conditional and dependent promises. The performance of each promise is contingent upon the prior performance of the promise by the other party. If one party fails to fulfill their promise, the other party is not obligated to perform their promise.
Reciprocal promises refer to a situation where the performance of a promise by one party is dependent on the prior performance of a promise by the other party. In other words, both parties have made promises to each other, and the performance of each promise is contingent upon the other party fulfilling their promise first.
Conditional and Dependent:
The correct answer to the question is option 'B', which states that reciprocal promises fall under the category of conditional and dependent. This means that the performance of each promise is conditional upon the other party fulfilling their promise. Let's understand this concept in more detail:
Conditional Promises:
Conditional promises are promises that are subject to certain conditions. In the case of reciprocal promises, the condition is the prior performance of the promise by the other party. This means that if one party fails to fulfill their promise, the other party is not obligated to perform their promise.
Dependent Promises:
Dependent promises are promises that are reliant on the performance of another promise. In the case of reciprocal promises, each party's promise is dependent on the other party's promise. If one party fails to fulfill their promise, the other party's promise becomes void.
Example:
Let's consider an example to understand reciprocal promises better. Suppose Party A promises to deliver a product to Party B within a specified time frame, and in return, Party B promises to make the payment upon receiving the product.
In this scenario, Party A's promise of delivering the product is dependent on Party B's promise of making the payment. If Party B fails to make the payment, Party A is not obligated to deliver the product. Similarly, if Party A fails to deliver the product, Party B is not obligated to make the payment.
Conclusion:
Reciprocal promises fall under the category of conditional and dependent promises. The performance of each promise is contingent upon the prior performance of the promise by the other party. If one party fails to fulfill their promise, the other party is not obligated to perform their promise.
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
Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer?
Question Description
Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct 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 Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct 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 Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer?.
Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct 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 Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct 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 Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer?.
Solutions for Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. 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 Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Where the performance of a promise by one party depends on the prior performance of promise by the other party such reciprocal promises fall under the category.a)Mutual and concurrentb)Conditional and dependantc)Mutual and Independentd)Both (a) and (b)Correct answer is option 'B'. 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