When one of the parties to the contract has performed its part of the promise which constitutes the consideration for the promise by the other side, it is known as

Related MCQs

• 'Consideration is the price for which the promise of the other is bought, and the promise thus given for the value is enforceable.' This definition of consideration is
• Where by the contract, a promisor is to perform his promise without application by the promise and no time for performance is specified the engagement must be performed within a reasonable time. The question "What is a reason able time" is in each particular case is a :
• Each party to a contract is bound to perform his part of the obligation. After the parties have made due performance of the contract comes to an end. In such a case the contract is said to be discharged :
• Consider the following statements: Consideration is 1. A motive for any promise 2. A price for any promise 3. Only a moral obligation 4. Something of value in the eye of law Of these statements
• After a proposal has been accepted and there is promise, can the promisor resile from the promise?
• When the performance of a contract becomes impossible, the purpose which the parties had in mind is frustrated. If the purpose becomes impossible because of supervening event, the promisor is excused from the performance of the contract. This is known as :
• When parties enter into a contract on telephone the contract becomes complete at the place where acceptance is heard by the proposer. This has been provided
• Where the parties to a contract agree to substitute a new contract for it, it is known as
• The law regarding Novation, i.e., where a new contract is substituted in place of the old one by means of an agreement between the parties to a contract or between them and a third party, is contained in
• For binding contract both the parties to the contract must