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In a bilateral contract each party will be a promisor and therefore each party will be?
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∙ 13y ago
an obligor
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∙ 13y ago
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Who is the promisor in a contract?
the promisor in a contract may also called Obligor.The promisor is a law term that refers to the party who is on the receiving end of a promise. The party making the promise is the promisee.Actually it's the other way around- a promisee is on the receiving end, while the promisor is the one making the promise. In a bilateral contract (I promise to give you my car, you promise to give me $10,000), both parties are promisor and promisee because they are each making a promise and receiving a promise.
What is a bilateral contact?
The definition of a bilateral contract is a contract that involves mutual promises where each party is both a promise and promisor. It is a formal agreement where two parties promise something in exchange for the other person's promise.
To whom a contract must be performed?
The contracts must be performed by: (1) Promisor (2) Legal representative (3) Promisor's agent (4) Third party (5) Joint promisors.
What is a bilateral contract?
A bilateral contract is a contract which requires agreement and performance from both parties to the contract. Most of what we think of as contracts are bilateral in nature. One party promises to do X and the other party promises to do Y. Bilateral contracts may not require negotiation but often this is a component. In contrast a unilateral contract occurs where one party makes an offer and the other party may accept by performance rather than by offering something in return. If you offer $5 to the first person who will bring you a hotdog, a unilateral contract is formed when someone performs the condition and provides you with a hotdog. If on the other hand Person A responds to you unilateral offer that he will agree to bring you a hotdog for $5 a bilateral contract is formed if you agree to accept his offer/counteroffer.
What is a Imperfectly bilateral contract?
An imperfectly bilateral contract is a contract in which one party has already fulfilled their obligations, while the other party still has outstanding obligations to fulfill. This type of contract is not fully bilateral because one party is yet to complete their part of the agreement.
What distinguishes a bilateral contract from a unilateral contract?
Simply put- A unilateral contract can be modified or changed by one party and a bi-lateral must be agred upon and accepted by both contractual parties involved.
What is bilateral mistake?
An error made by 2 parties, who believe differently and/or incorrectly about the facts in the contract. bilateral or mutual mistake; a material fact that is mistaken by both parties. In such a case, the party who is adversely affected by the mistake has the right to cancel or rescind the contract. Sometimes a word or term is materially interpreted differently by each party, their mutual misunderstanding may allow the contract to be rescinded.
Who can demand performance of contract?
PromiseeThe promisee is the person receiving the promise from the promisor or An individual to whom a promise is made.Legal RepresentativeIn its broadest sense, one who stands in place of, and represents the interests of, another. A person who oversees the legal affairs of another person. Examples include the executor or administrator of an estate and a court appointed guardian of a minor or incompetent personThird PartyA third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been a party to the contract. This right arises where the third party is the intended beneficiary of the contract, as opposed to an incidental beneficiary. It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor or the promisee of the contract, depending on the circumstances under which the relationship was createdthis is copied off the internet i am NT to be given credit
Who can demand performance of a contract?
PromiseeThe promisee is the person receiving the promise from the promisor or An individual to whom a promise is made.Legal RepresentativeIn its broadest sense, one who stands in place of, and represents the interests of, another. A person who oversees the legal affairs of another person. Examples include the executor or administrator of an estate and a court appointed guardian of a minor or incompetent personThird PartyA third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been a party to the contract. This right arises where the third party is the intended beneficiary of the contract, as opposed to an incidental beneficiary. It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor or the promisee of the contract, depending on the circumstances under which the relationship was createdthis is copied off the internet i am NT to be given credit
Define unilateral contract?
A contract in which only one party makes an express promise, or undertakes a performance without first securing a reciprocal agreement from the other party. In a unilateral, or one-sided, contract, one party, known as the offeror, makes a promise in exchange for an act (or abstention from acting) by another party, known as the offeree. If the offeree acts on the offeror's promise, the offeror is legally obligated to fulfill the contract, but an offeree cannot be forced to act (or not act), because no return promise has been made to the offeror. After an offeree has performed, only one enforceable promise exists, that of the offeror. A unilateral contract differs from a Bilateral Contract, in which the parties exchange mutual promises. Bilateral contracts are commonly used in business transactions; a sale of goods is a type of bilateral contract. Reward offers are usually unilateral contracts. The offeror (the party offering the reward) cannot impel anyone to fulfill the reward offer. An offeree can sue for breach of contract, however, if the offeror does not provide the reward after the offeree has fulfilled the contract's requirements
Is a bilateral contract modification a contract?
It depends on whether both sides gave new consideration (something in exchange for something). If only one party did something different under the contract, then it is gratuitous and only the original contract is legitimate. If both parties offered something new to the contract then there is a new contract formed and the old contract is thrown out.
What is the object of contract of indemnity?
Contract of indemnity - A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a 'contract of indem­nity'. - - Illustration - A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of 200 rupees. This is a contract of indemnity. [section 124].
