What is a conditional promise?

What is a conditional promise?

A conditional promise is one where the liability to perform the promise depends upon some thing or event; that is to say, it is one of the terms of the contract that the liability of the party shall only arise, or shall cease, on the happening of some future event, which may or may not happen, or on one of the parties …

What are reciprocal promises?

According to Section 2(f) of the Indian Contract Act, defines reciprocal promises as promises which form the consideration or part of the consideration for each other. Thus, there is an obligation on each party to perform his promise and to accept performance of the other’s promises.

Is a gratuitous promise an offer?

A contract involves an offer, acceptance and what we call consideration. In the situation you describe there is no contract. There is an gratuitous, unenforceable, promise of a gift.

What is the difference between consideration and a gratuitous promise?

As my Contracts professor used to explain to our first year law school class, the difference between a binding contract and a gratuitous promise is the existence, or lack of, consideration. The difference is that the professor would not be receiving anything in exchange for payment.

What are the two types of promises?

There are many types of promises. There are solemn promises, such as marriage vows or military oaths and are conventions. There are legal contracts, enforceable by law. Or, there are fairy tale promises, regrettable and problematic at the time, they must be honored.

Are conditional promises paid?

A conditional promise to give is a promise by a donor to contribute assets, but only if a specified event occurs. Thus, the recipient does not have a right to the promised assets until the stipulated event has occurred.

Is every promise an agreement?

As per section 2(e) of the Act: “Every promise and every set of promises, forming the consideration for each other, is an agreement”.

What is the rule for reciprocal promises?

“Promises which form the consideration or part of the consideration for each other are called “reciprocal promises”. reciprocal promise. order which the nature of transaction requires. EX: “A” and “B” entered into a contract, that “A” shall build a house for “B” at a fixed price.