Effect of default as to that promise which should be first performed, in contract consisting of reciprocal promises When a contract consists of reciprocal promises, such that one of them cannot be performed, or that its performance cannot be claimed till the other has been performed, and the promisor of the promise last mentioned fails […]
Liability of party preventing event on which the contract is to take effect When a contract contains reciprocal promises, and one party to the contract prevents the other from performing hispromise, the contract becomes voidable at the option of the party so prevented; and he is entitled to compensation from the other party for any
Order of performance of reciprocal promises Where the order in which reciprocal promises are to be performed is expressly fixed by the contract, they shall be performed in that order; and where the order is not expressly fixed by the contract, they shall be performed in that order which the nature of the transaction requires.Illustrations(a)
Promisor not bound to perform, unless reciprocal promisee ready and willing to perform When a contract consists of reciprocal promises to be simultaneously performed, no promisor need perform his promise unless the promisee is ready and willing to perform his reciprocal promise.Illustrations(a) A and B contract that A shall deliver goods to B to be
A design is defined under Section 2(d) of the Designs Act 2001, as only the features of a shape, pattern, configuration, composition, or ornament of lines or colors that are applied to any article that is two dimensional, three dimensional, or both by an industrial process or any means whether mechanical, manual or chemical, separated
The Employees’ State Insurance (ESIC) Scheme aims to provide hassle-free services to both employers and employees through its information and services portal. As part of this effort, all filing and payments are done through an online portal. Employers can remit monthly ESIC contributions through the portal. ESIC Monthly Contribution Rate Currently, the employee’s contribution rate
product idea and conducting product research to create a Minimum Viable Product (MVP). You release it to a small sample of your target audience and receive great feedback. But when you launch the full version of the product to the market, disaster strikes: the reviews tank, and so do sales. This is a common scenario
Dynamic world that is becoming complex. Environmental, social, cultural, and economic challenges on a global scale have now become a part of our daily lives. Profit maximisation is no longer the main business performance metric for corporations, but acting as responsible corporate citizens who have a responsibility to society. Companies in India now have a
Listing fee, or insertion fee, is a type of nominal fee, which ecommerce platforms charge from sellers to post (i.e list) their products on the website. Popular examples include such websites as eBay and Amazon and also online auctions like Catawiki. The listing fee depends on the value of a product seller intends to offer
Performance in manner or at time prescribed or sanctioned by promisee The performance of any promise may be made in any manner, or at any time which the promisee prescribes or sanctions.Illustrations(a) B owes A 2,000 rupees. A desires B to pay the amount to A‟s account with C, a banker. B, who also banks
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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