is (executed and unilateral contracts) and
(executory contract and bilateral contracts) are same??
Say yes or no!!
aravind (student) (132 Points)
19 August 2013
CA LOVELY ARORA
(C.A. B.Com (H) Graduate)
(2151 Points)
Replied 19 August 2013
answer would be "no".
SIVASIVA
(FCA, Future CA)
(4935 Points)
Replied 19 August 2013
From which law you are asking this question sir...
Whether the basis is Indian contracts act, 1872...
Anyway,, as it is self explanatory... bilateral involves two and unilateral is onlyone..
Amith
(CA final & CS Professional)
(63 Points)
Replied 20 August 2013
On the basis of Execution
(a)Executed contract :- A contract in which both the parties have fulfilled their obligations
under the contract.
Example: A contracts to buy a car from B by paying cash, B instantly delivers his car.
(b) Executory contract:- A contract in which both the parties have still to fulfilled their
obligations.
Example : D agrees to buy V’s cycle by promising to pay cash on 15th July. V agrees to
deliver the cycle on 20th July.
(c) Partly executed and partly executory:- A contract in which one of the parties has
fulfilled his obligation but the other party is yet to fulfill his obligation.
Example : A sells his car to B and A has delivered the car but B is yet to pay the price.
For A, it is excuted contract whereas it is executory contract on the part of B since the
price is yet to be paid.
On the basis of liability for performance:-
(a)Bilateral contract:- A contract in which both the parties commit to perform their
respective promises is called a bilateral contract.
Example : A offers to sell his fiat car to B for Rs.1,00,000 on acceptance of A’s offer by
B, there is a promise by A to Sell the car and there is a promise by B to purchase the car
there are two promise.
(b)Unilateral contract:- A unilateral contract is a one sided contract in which only one
party has to perform his promise or obligation party has to perform his promise or
obligation to do or forbear.
Example :- A wants to get his room painted. He offers Rs.500 to B for this purpose B says to A
“ if I have spare time on next Sunday I will paint your room”. There is a promise by A to pay Rs
500 to B. If B is able to spare time to paint A’s room. However there is no promise by B to Paint
the house. There is only one promise.
Therefore hence they both are not Same....
CAclubindia
