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Where a contract consists of reciprocal promises and such reciprocal promises are to be simultaneously performed:

Where a contract consists of reciprocal promises and such reciprocal promises are to be simultaneously performed: Correct Answer Promisor need not perform his part of promise unless promise is ready and willing to perform his reciprocal promise

Related Questions

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 it shall be performed:
A contract is said to be discharged by rescission: A. When terms of a contract are altered B. When a party makes novation of a contract C. When an aggrieved party exercises his option to avoid the contract D. When a party to a contract waives his rights under the contract E. Where none of the parties has performed its part for a long time and no other party has objected against it Choose the correct answer from the options given below:
Which of the following statements are true?
(1) Minor's contract can be ratified on attaining majority.
(2) Minor's contract cannot be ratified on attaining majority.
(3) Minor's contract can be ratified jointly by both the parties to the contract.
(4) Minor is not liable under minor's contract.
(5) Minor's contract is an enforceable contract.
By a contract there are two sets of promises, with one set of promises being legal, and other set of promises being illegal. In view of the statement, which one of the following is correct?
Which of the following statements are not true in relation to employment of contract labour in any establishment?
1. Supreme Court can abolish contract labour system in any establishment.
2. High Court can abolish contract labour and prohibit the principal employer from engaging contract labour where the government has not abolished the same.
3. An appropriate government and not the court can prohibit the employment of contract labour as per the provisions of law.
4. Neither the court nor the appropriate government can abolish the contract labour in any establishment.
Following is/are essentialt(s) of valid contract as per Indian Contract Act, 1872.
(1) Parties to contract should have capacity to contract.
(2) Parties to contract should have legal mind.
(3) Parties to contract should be intelligent.
(4) Invitation to offer should be accepted.
Find correct answer:
A' and 'B' contract that 'A' shall build a house for 'B' at a fixed price. The order in which reciprocal promises are to be performed was not fixed. What shall be the order of performance?
Which of the following statements are correct?
1. In tort, the duties are imposed by law whereas in contract, duties are undertaken by the parties themselves.
2. In tort, the duty is towards the world at large but in contract, the duty is towards specific individual or individuals.
3. In tort, damages are liquidated but in contract, the damages are unliquidated.
4. In tort, a person may be liable for the wrongs committed by others also but in contract, the liability governs the parties to the contract only.
Select the correct answer using the given below:
The following statements are made regarding the Open Circuit Test on the single-phase transformer: 1. It is performed on the LV side. 2. It is performed at rated current. 3. It helps in the calculation of equivalent leakage impedance. 4. It is performed on the HV side. 5. It is performed at rated voltage. 6. It gives magnetizing current and core loss. 7. It helps in the determination of voltage regulation. 8. It gives the turn ratio. From these, which statements are correct?
Consider the following statements about the doctrine of frustration:
1. Act has become impossible to be performed.
2. Act cannot be performed because of application of some law recently enacted.
3. Act cannot be performed because of the non-availability of raw material.
4. Act cannot be performed by defendant due to his accident.
Which of the statements given above are correct?