BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Four parties
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Six parties
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Three parties
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Two parties
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Detailed explanation-1: -Answer: An agreement consists of reciprocal promises between at least two parties. Explanation: An agreement is also called a contract.
Detailed explanation-2: -When a contract consists of reciprocal promises to be simultaneously performed, no promisor need perform his promise unless the promisee is ready and willing to perform his reciprocal promise. (a) A and B contract that A shall deliver goods to B to be paid for by B on delivery.
Detailed explanation-3: -A bilateral contract, however, contains firm agreements and promises between two parties.
Detailed explanation-4: -In this article, we have defined what a reciprocal promise is. We have also discussed the various types of reciprocal promises (mutual and independent, conditional and concurrent).
Detailed explanation-5: -Example: When you go to a shop, the shopkeeper agrees to give you the product in exchange for money. This is an example of a reciprocal promise where you promise to pay the value of the product and the shopkeeper promises to give you the goods on receipt of the payment.