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Performance Of Reciprocal Promises- Performance And Discharge Of Contracts
Business Environment and Law-Performance And Discharge Of Contracts
Performance Of Reciprocal Promises- Performance And Discharge Of Contracts
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“Promises which form the consideration or part of the consideration for each other are called reciprocal promises.” Rules regarding the performance of reciprocal promises are:
Performance Of Reciprocal Promises
“Promises which form the consideration or part of the consideration for each other are called reciprocal promises.” Rules regarding the performance of reciprocal promises are:
When promises are to be performed simultaneously: “When a contract consists of reciprocal promises to be simultaneously performed no promisor need to perform his promise unless the promisee is ready and willing to perform his reciprocal promise.”
In the order, which the nature of transaction requires: (Sec. 52) “Where the order in which reciprocal promises are to be performed is expressly fixed by the contract, they shall be performed in that order; and where the order is not expressly fixed by the contract, they shall be performed in that order which the nature of the transaction requires.”
When the performance of a promise is dependent upon other: (Sec. 54) “When the contract consists of reciprocal promises, such that one of them can not be performed or that its performance cannot be claimed till the other has been performed and the promisor of the promise last mentioned fails to perform it, such promisor cannot claim the performance of the reciprocal promise, and must make compensation to the other party for any loss which such other party may sustain by the non-performance of the contract.” These are known as mutual and dependent promises.
When one party prevents the other from performing his promise: (Sec.53) “ When a contract contains reciprocal promises, and one party to the contract prevents the other from performing his promise the contract becomes voidable at the option of the party so prevented.
“Promises which form the consideration or part of the consideration for each other are called reciprocal promises.” Rules regarding the performance of reciprocal promises are:
When promises are to be performed simultaneously: “When a contract consists of reciprocal promises to be simultaneously performed no promisor need to perform his promise unless the promisee is ready and willing to perform his reciprocal promise.”
In the order, which the nature of transaction requires: (Sec. 52) “Where the order in which reciprocal promises are to be performed is expressly fixed by the contract, they shall be performed in that order; and where the order is not expressly fixed by the contract, they shall be performed in that order which the nature of the transaction requires.”
When the performance of a promise is dependent upon other: (Sec. 54) “When the contract consists of reciprocal promises, such that one of them can not be performed or that its performance cannot be claimed till the other has been performed and the promisor of the promise last mentioned fails to perform it, such promisor cannot claim the performance of the reciprocal promise, and must make compensation to the other party for any loss which such other party may sustain by the non-performance of the contract.” These are known as mutual and dependent promises.
When one party prevents the other from performing his promise: (Sec.53) “ When a contract contains reciprocal promises, and one party to the contract prevents the other from performing his promise the contract becomes voidable at the option of the party so prevented.
Where
the promise is partly legal and partly illegal: (Sec.57) “Where persons reciprocally promise, firstly, to do
certain things which are legal, and secondly, under specified circumstances, to
do certain other things which are illegal the first set of promises is a
contract, but the second is a void agreement.”
Tags : Business Environment and Law-Performance And Discharge Of Contracts
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