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11th Standard English Medium Commerce Subject Performance of Contract Creative 2 Mark Questions with Solution Part - I updated Creative Questions

Published on: 13/05/2022

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Creative Questions in class 11 Commerce Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

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Download Tamil Nadu 11th Standard Commerce question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 11th Standard - Commerce

chapter: - Creative Questions

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Questions:

Generic 2

5 x 2 = 10

Who is Third Person?

What is meant by Appropriation of Payments?

What is the nature of the third person with regard to performance of contract?

What are the different kinds of reciprocal promises?

What do you mean by offer to perform?

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Answers Key:

Generic 2

5 x 2 = 10

According to Section 41, if a promisee accepts the performance of the promise by a third person he cannot afterwards enforce it against the promisor.

Appropriation means application of payments - The question of appropriation of payments 'arises when a debtor owes several debts to the same creditor and makes a payment that is not sufficient to discharge the whole indebtedness.
(i) Appropriation of payment
(ii) Application of payment where debt to be discharged is not indicated.
(iii) Application of payment where neither party appropriates.

According to Section 41,if a promisee accepts the performance of the promise by a third person he cannot afterwards enforce it against the promisor.

Reciprocal promises are of three types.
They are:
(i) Mutual and concurrent
(ii) Conditional and dependent
(iii) Mutual and independent

(i) Sometimes it happens so that the promisor offers performance of his obligation under the contract at the proper time and place but the promisee refuses to accept the performance.
(ii) This is what is known as offer to perform or tender.