1. Executed Contract. An executed contract is one where both the parties have performed their obligations or carried out the terms of the contract. In other words, it is a complete contract.
For Ex : A sells a TV set to B for rs 20000. B pays the price and A hands over TV set to B.
2.Executory Contract. Where the contracts yet to be performed either wholly or partially or one or both parties have yet to perform their obligation, the contract is executory contract.
Thus, executory contract may be
(1) Unilaterial (2) Bilateral
(1) Unilaterial Contract. A Unilaterial contract is one in which a promise on one side is exchanged for an act on the other side.
A Contract is said to be Unilaterial where one party has discharged his obligation either before or at time of entering into contract.
(2) Bilateral Contract. These are the contract where a promise on one side is exchanged for a promise on the part of the other party.
No comments:
Post a Comment