Quick Answer: What Is Divisible Contract?

What is divisible mean?

When dividing by a certain number gives a whole number answer.

Example: 15 is divisible by 3, because 15 ÷ 3 = 5 exactly.

But 9 is not divisible by 2 because 9 ÷ 2 is 4 with 1 left over..

What is a facultative obligation?

Facultative obligation refers to a type of obligation where one thing is due, but another is paid in its place. In such type of obligations there is no alternative provided. The debtor is given the right to substitute the thing due with another that is not due.

What is a number divisible by 3?

If the sum of the digits of a number is divisible by 3, then the number is divisible by 3. Some examples of numbers divisible by 3 are as follows. The number 85203 is divisible by 3 because the sum of its digits 8+5+2+0+3=18 is divisible by 3.

What is solidary divisible obligation?

Solidary Divisible Obligations – Parties are merely proportionately liable to the object/ subject matter which are physically divisible into different parts. … If one of the latter should be insolvent, the others shall not be liable for his share. = Payment to any of the solidary creditors.

Is a number divisible by 7?

Numbers Divisible by 7. To determine if a number is divisible by 7, take the last digit off the number, double it and subtract the doubled number from the remaining number. If the result is evenly divisible by 7 (e.g. 14, 7, 0, -7, etc.), then the number is divisible by seven.

What are the 3 types of contracts?

So let’s look at those three contract types in a bit more detail.Fixed price contracts. With a fixed price contract the buyer (that’s you) doesn’t take on much risk. … Cost-reimbursable contracts. With a cost-reimbursable contract you pay the vendor for the actual cost of the work. … Time and materials contracts.

What is a joint contract?

JOINT CONTRACT. One in which the contractors are jointly bound to perform the promise or obligation therein contained, or entitled to receive the benefit of such promise or obligation.

What is divisible obligation?

Divisible and indivisible obligation. An obligation is divisible when the object of the performance is susceptible of division. An obligation is indivisible when the object of the performance, because of its nature or because of the intent of the parties, is not susceptible of division. Acts 1984, No. 331, §1, eff.

What does severable contract mean?

In contract law, a severable contract is a contract that is actually composed of several separate contracts concluded between the same parties, so that failing (breaching) one part of such a ‘severable’ contract does not breach the whole contract.

Is divisible by sign?

The divisibility of a by b is denoted by the symbol b|a.

What is the effect of solidary obligation?

A solidary obligation is almost always an advantage for a creditor because it will either allow any creditor to demand the entirety of the debt from the sole debtor when the solidarity is active, or it will allow the creditor to demand the entirety of the debt from any of the multiple debtors when it is passive.

What is the importance of a contract?

Contracts provide a written document that outlines the full understanding of the business relationship and scope of the work so that no one can claim any misunderstandings later down the road. They specify exactly what rights are being purchased and what rights you’re retaining. They’re binding and legally enforceable.

What is the purpose of the contract?

However, the purpose of a written contract is to provide certainty as to what has been agreed and the process of writing and negotiating the contract can be invaluable in drawing out each party’s motivations and requirements. A contract does not have to be complicated.

What are options in a contract?

An options contract is an agreement between two parties to facilitate a potential transaction involving an asset at a preset price and date. … Buying an option offers the right, but not the obligation to purchase or sell the underlying asset. For stock options, a single contract covers 100 shares of the underlying stock.

What is the meaning of separability clause?

: a clause (as in a contract) which states that provisions are severable especially : a clause in a statute that makes the statute’s parts or provisions severable so that one part can be invalidated without invalidating the whole. — called also separability clause.

Are all contracts divisible?

Divisible Contract: A divisible contract is a contract in which the parties’ performances are divided into matching pairs of duties to perform that the parties consider equal. Divisible contracts are similar in concept to installment contracts.

What is a contract explain it?

Contract, in the simplest definition, a promise enforceable by law. … The making of a contract requires the mutual assent of two or more persons, one of them ordinarily making an offer and another accepting. If one of the parties fails to keep the promise, the other is entitled to legal redress.

What are installment contracts?

An installment contract is a single contract that is completed by a series of performances–such as payments, performances of a service, or delivery of goods–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties.