What are the legal rules of performance of joint offer?
What are the legal rules of performance of joint offer?
Performance of joint promises The surviving joint promisor would be bound by the rights and liabilities of the deceased joint promisors until a single joint promisor is alive the representatives of the promisor will not acquire any rights or liabilities.
What does reasonable mean in legal terms?
Just, rational, appropriate, ordinary
What does reasonable mean in a contract?
The most obvious example of vagueness is the word reasonable. It introduces an objective standard in the contract. The standard of ‘reasonableness’ is one that is usually determined by reference to a well-informed third party with the same expertise acting under the same circumstances. Party’s discretion.
Who needs to perform a contract?
There are at least two parties to a contract, a promisor, and a promisee. A promisee is a party to which a promise is made and a promisor is a party which performs the promise. Three sections of the Indian Contract Act, 1872 define who performs a contract – Section 40, 41, and 42.
Under what circumstances a contract need not be performed?
As per the Contract Act, the circumstances under which contracts need not be performed are as follows: When a person, at whose option a contract is voidable, rescinds it, the other party there to need not perform his promise.
In which of the following cases a consideration is not required to make a contract valid?
An agreement made without consideration is valid if it is in writing and registered and is made on account of natural love and affection between parties standing in a near relation to each other. Thus, an agreement without consideration will be valid provided.
What is discharge contract?
The discharge of contract is defined as the termination of a contract or an agreement made by two parties with the fails in performing the obligations mentioned at the time of creating an agreement with the acceptance of both parties like free of consent.
