0
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 else can I help you with?
Is it contract's duration or contracts's duration?
contract's duration
What are characteristics of a simple contract?
list the characteristics of a simple contract
Why use Completed Contract Method?
The principal advantage of the completed-contract method is that
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.
What are the rights and obligations of the promisor and promisee in a contract agreement?
In a contract agreement, the promisor has the obligation to fulfill their promise as outlined in the contract. The promisee has the right to expect the promisor to fulfill their obligations as agreed upon in 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.
What are the key differences in the roles and responsibilities of the promisor vs promisee in a contractual agreement?
In a contractual agreement, the promisor is the party making a promise to do something, while the promisee is the party to whom the promise is made. The promisor is obligated to fulfill the terms of the promise, while the promisee has the right to expect the promise to be kept. The promisor is bound by the terms of the contract, while the promisee has the right to enforce those terms if the promisor fails to fulfill their obligations.
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.
What does it mean by consideration must move from promisee?
In contract law, consideration is the benefit received by each party in a contract. It must move from the promisee to the promisor, meaning that the promisee must provide something of value in exchange for the promise made by the promisor for the contract to be legally binding. This ensures that both parties are giving and receiving something in the agreement.
What are the respective roles and responsibilities of the promisor and promisee in a contractual agreement?
In a contractual agreement, the promisor is the party making a promise to do something, while the promisee is the party to whom the promise is made. The promisor is responsible for fulfilling the promise, while the promisee is entitled to expect that the promise will be kept. Both parties have a duty to act in good faith and abide by the terms of the contract.
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.
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.
