Question

A promises to sell his plot to B for ₹ 10 lacs cash down, but B pays only ₹ 2,50,000 as
earnest money and promises to pay the balance on next Sunday. On the other hand, A gives the possession
of plot to B and promises to execute a sale deed on the receipt of the whole amount. State the nature of
the contract in the given situation?

Answer 1

Answer:

executory contract

"bilateral contract"

Explanation:

because both of the parties have to perform in future