Lawgist52Order of performance of reciprocal promises
Where the order in which reciprocal promises are to be performed is expressly fixed by the contract, they shall be performed in that order; and where the order is not expressly fixed by the contract, they shall be performed in that order which the nature of the transaction requires.
Illustrations
(a) A and B contract that A shall build a house for B at a fixed price. As promise to build the house must be performed before B's promise to pay for it.
(b) A and B contract that A shall make over his stock-in-trade to B at a fixed price, and B promises to give security for the payment of the money. A's promise need not be performed until the security is given, for the nature of the transaction requires that A should have security before he delivers up his stock.
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- 51 Promisor not bound to perform, unless reciprocal promisee ready and willing to perform
- 52 Order of performance of reciprocal promises
- 53 Liability of party preventing event on which the contract is to take effect
- 54 Effect of default as to that promise which should be first performed, in contract consisting of reciprocal promises
- 55 Effect of failure to perform at fixed time, in contract in which time is essential
- 56 Agreement to do impossible act
- 57 Reciprocal promise to do things legal, and also other things illegal
- 58 Alternative promise, one branch being illegal
