Finance:Synallagmatic contract
From HandWiki
In civil law systems, a synallagmatic contract is a contract in which each party to the contract is bound to provide something to the other party.[1] Its name is derived from the Ancient Greek συνάλλαγμα (synallagma), meaning mutual agreement.[2] Examples of synallagmatic contracts include contracts of sale, of service, or of hiring.
In common law jurisdictions, it is roughly the equivalent of a bilateral contract and may be contrasted with a gift (as such a relationship is not one of contract) or a unilateral contract in which only one party makes an enforceable promise.
In his comments on the case of Hong Kong Fir Shipping Co Ltd. v Kawasaki Kisen Kaisha Ltd. (1957), Lord Diplock said:
- "Every synallagmatic contract contains in it the seeds of the problem - in what event will a party be relieved of his undertaking to do that which he has agreed to do but has not yet done?" [3]
References
- ↑ Law, Jonathan (2015). Bilateral Contract. Oxford Reference. ISBN 978-0-19-966492-4. http://www.oxfordreference.com/view/10.1093/acref/9780199664924.001.0001/acref-9780199664924-e-378#. Retrieved March 27, 2016.
- ↑ "Synallagma". BrillOnline Reference Works. October 2006. http://referenceworks.brillonline.com/entries/brill-s-new-pauly/synallagma-e1127030.
- ↑ England and Wales Court of Appeal (Civil Division) Decision: Hong Kong Fir Shipping Co Ltd. v Kawasaki Kisen Kaisha Ltd., accessed 3 May 2016
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