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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.
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Is it contract's duration or contracts's duration?
contract's duration
Why use Completed Contract Method?
The principal advantage of the completed-contract method is that
What are characteristics of a simple contract?
list the characteristics of a simple contract
How discharge a contract?
By performing all obligations under the contract By operation of law By breach By aggreement
Who pays the property tax if sold on contract?
I believe that could go either way and should be part of the contract.
In a bilateral contract each party will be a promisor and therefore each party will be?
an obligor
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.
When before the contract becomes due for performance the promisor declares his intention of not performing his promise it is called?
Remission
Who or what is a promisor's agent?
PROMISOR - One who makes a promise.A promisor is bound to fulfill his promise, unless it is contrary to law. Therefore, a Promisor's Agent is one who is authorized to act for the Promisor, or in his stead.
Is justifiable reliance an element of fraud?
Not really, justifiable or reasonable reliance on the promise of another can prevent the promisor from offering the defense that there was no consideration for their promise. An enforceable contract requires an offer, an acceptance, and a consideration (or a bargained for exchange). Under the doctrine of Promissory Estoppel, a promise can be held enforceable as a quasi-contract when it would be reasonably foreseeable to the promisor that the promisee would detrimentally rely on their promise. In that case the promisor would be liable to the promisee for reliance damages and possibly even expectancy damages.
What is supervening impossibility?
Supervening impossibility is the impossibility arising after the formation of a contract. However, this arises at the time when the promisor's performance is due. Such impossibility usually arises due to facts that the promisor had no reason to anticipate and did not contribute to the occurrence of. If contracting parties were allowed to plead supervening impossibility, it would make the whole basis of contract insecure. Therefore, the risk involved in supervening impossibility could be deliberately excluded by stipulations in the contract.
What Two key people are required for every contract?
The promisor and promisee. What could potentially be the plaintiff and defendant in civil litigation for breach of contract. There must be mutual assent by the parties and there must be an offer and acceptance.
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.
Define who a promisee is in contract law?
The promisee is the person receiving the promise from the promisor.The promisee is the person who has been promised something, as opposed to the promisor who makes the promise to someone.
What is the definition of Promisor demands and receives as the price for a promise?
executor
How may an acceptance be revoked?
After accepting the proposal there is no option other than to perform the obligations of the contract.
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
