consideration

Querist : Anonymous (Querist) 03 September 2010 This query is : Resolved
if consideration is partly paid,is the transaction legally binding?is it complete?

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s.subramanian (Expert) 03 September 2010
Yes.It is legally binding. Bu it is not complete. It is called an executory contract in which there remains something for performance.

Devajyoti Barman (Expert) 03 September 2010
Yes, even valid sale is executed on the strength of price paid partly.

Rajeev kulshreshtha (Expert) 04 September 2010
The transaction is valid and binding but it will be complete only after its performance.

Chanchal Nag Chowdhury (Expert) 04 September 2010
Binding but may be voidable, depending on the terms of the contract, at the instance of the aggrieved party.

Uma parameswaran (Expert) 04 September 2010
Yes.

Querist : Anonymous (Querist) 06 September 2010
does this apply in the following case?....

x authorizes y to b in charge of his shares
however x decides to sell his shares to z
and also receives half the consideration price.they become busy with life and think of continuing the transaction later.
in this case-
1)does x hv the right to sell his shares?
2)is this consideration legally binding?

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