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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 of :
- a)Mutual and Concurrent
- b)Conditional and Dependent
- c)Mutual and Independent
- d)Both (a) & (b)
Correct answer is option 'B'. Can you explain this answer?
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Where the performance of a promise by one party depends on the prior p...
1. Mutual and independent reciprocal promise:
When each party performs his promise independently and irrespective of the fact whether the other party has performed, or is willing to perform his promise or not, the promises are mutual and independent. Example: X agrees Y to supply milk daily, while Y agrees to pay the price of milk every month. Both these are mutual and independent promises.
2. 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.
3. Mutual and concurrent or simultaneous reciprocal promise:
This is the state when two contracts are to be performed simultaneously.
Example:
All cash sales are examples of simultaneous or concurrent promises, as delivery of goods and payment of price take place simultaneously.
Most Upvoted Answer
Where the performance of a promise by one party depends on the prior p...
B) Conditional and Dependent
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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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (b)Correct answer is option 'B'. Can you explain this answer?
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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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (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 of :a)Mutual and Concurrentb)Conditional and Dependentc)Mutual and Independentd)Both (a) & (b)Correct answer is option 'B'. Can you explain this answer?.
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