Say yes or no!!

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....