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Which of the following is not applicable in relation to performance of reciprocal promises?
- a)They can be performed simultaneously
- b)They cannot be performed simultaneously
- c)They can be performed in an order fixed by the parties
- d)The order of performance may be decided by the nature of transaction
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is not applicable in relation to performance of...
Some contracts consist of a reciprocal promise or promises which are to be performed simultaneously. In such cases, there is no obligation on the promisor to perform his promise unless the promisee is willing to perform his reciprocal promise.
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Which of the following is not applicable in relation to performance of...
Explanation:
Reciprocal promises refer to a situation where two parties make promises to each other to perform certain actions. In such cases, the performance of one promise is dependent on the performance of the other promise.
Applicability of Performance:
The performance of reciprocal promises can be understood in the following ways:
1. They can be performed simultaneously: In some cases, both parties can perform their promises simultaneously. This means that both parties fulfill their obligations at the same time.
2. They cannot be performed simultaneously: In other cases, the promises cannot be performed simultaneously. This means that one party needs to perform its promise first before the other party can fulfill its obligation.
3. They can be performed in an order fixed by the parties: The parties involved in the agreement can agree on a specific order in which the promises will be performed. This order is determined by mutual consent and can be different from case to case.
4. The order of performance may be decided by the nature of the transaction: Sometimes, the nature of the transaction or the type of promises made may determine the order of performance. For example, if one party is providing a service and the other party is paying for it, the service provider would need to perform their promise before the payment can be made.
Not Applicable:
Option B states that reciprocal promises cannot be performed simultaneously. This statement is incorrect because, as mentioned in point 1 above, there are cases where reciprocal promises can indeed be performed simultaneously.
Therefore, the correct answer is option B - They cannot be performed simultaneously.
In conclusion, the performance of reciprocal promises can vary depending on the circumstances and the agreement between the parties involved. They can be performed simultaneously or in a specific order agreed upon by the parties or determined by the nature of the transaction.
Reciprocal promises refer to a situation where two parties make promises to each other to perform certain actions. In such cases, the performance of one promise is dependent on the performance of the other promise.
Applicability of Performance:
The performance of reciprocal promises can be understood in the following ways:
1. They can be performed simultaneously: In some cases, both parties can perform their promises simultaneously. This means that both parties fulfill their obligations at the same time.
2. They cannot be performed simultaneously: In other cases, the promises cannot be performed simultaneously. This means that one party needs to perform its promise first before the other party can fulfill its obligation.
3. They can be performed in an order fixed by the parties: The parties involved in the agreement can agree on a specific order in which the promises will be performed. This order is determined by mutual consent and can be different from case to case.
4. The order of performance may be decided by the nature of the transaction: Sometimes, the nature of the transaction or the type of promises made may determine the order of performance. For example, if one party is providing a service and the other party is paying for it, the service provider would need to perform their promise before the payment can be made.
Not Applicable:
Option B states that reciprocal promises cannot be performed simultaneously. This statement is incorrect because, as mentioned in point 1 above, there are cases where reciprocal promises can indeed be performed simultaneously.
Therefore, the correct answer is option B - They cannot be performed simultaneously.
In conclusion, the performance of reciprocal promises can vary depending on the circumstances and the agreement between the parties involved. They can be performed simultaneously or in a specific order agreed upon by the parties or determined by the nature of the transaction.
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Which of the following is not applicable in relation to performance of reciprocal promises?a)They can be performed simultaneouslyb)They cannot be performed simultaneouslyc)They can be performed in an order fixed by the partiesd)The order of performance may be decided by the nature of transactionCorrect answer is option 'B'. Can you explain this answer?
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