5 Questions
What is the nature of the contract in the given example?
The contract in the given example creates bilateral obligations.
Who is the debtor and creditor in the contract?
X is the debtor for the obligation to give the car and Y is the creditor. Y is the debtor for the obligation to pay R20000 and X is the creditor.
What are the rights and duties of X and Y in the contract?
X has the right to receive R20000 and the duty to give the car. Y has the right to receive the car and the duty to pay R20000.
Can both X and Y be both creditors and debtors in the contract?
Yes, both X and Y can be both creditors and debtors in the contract.
What do contracts create?
Contracts create bilateral obligations where the parties exchange performances.
Test your knowledge on the nature of contracts in the law of contract. Learn about the roles of debtors and creditors and their obligations. Challenge yourself with real-life examples and enhance your understanding of contract law.
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