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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.
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.
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.
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.
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.
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 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.
Is a promisee a person who makes a promise?
No, a promisee is the person to whom a promise is made. They are the one who is entitled to the benefit or performance promised by the other party, known as the promisor.
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
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
In a bilateral contract each party will be a promisor and therefore each party will be?
an obligor
Who is the person who creates and signs promissory notes?
A promissory note is a written promise to repay a loan or debt under certain terms. The party who makes the promise is the promisor (also called the maker or issuer). The person to whom the promise was made is the promisee. A promissory note is generally an unsecured obligation. (However, it can be used in combination with a mortgage to secure real estate.) If it is not paid the promisee can sue in court as long as the note is valid and within the statute of limitations for collection. An attorney can draft the note, forms can be purchased or the parties can draft their own agreement. However, only a valid promissory will stand up in court if the promisor fails to pay.
