A short study on reciprocal promises.
According to section 2(f) of the Indian contract Act, 1872. ‘Promises which form the consideration for each other are called reciprocal promises. These promises have been classified by Lord Mansfield based on the jones (vs) Barkley case they are as follows:-
1. Mutual and independent: Where each party must perform his promise independently and irrespective of the fact whether the other party has performed, (or) not, the promises are mutual and independent.
2. Conditional and dependent: Where the performance of the promise by one party depends on the prior performance of the promise by the other party, the promises are conditional and independent.
3. Mutual and concurrent: Where the promises of both the parties are to be performed simultaneously, they are said to be mutual and concurrent.