concurrent promises

concurrent promises
Mutual promises by the parties to a contract to be performed simultaneously in the sense that when one party is ready to perform, and offers to perform, his promises, the other party must perform his promises or be in default. Dermott v Jones, (US) 23 How 220, 16 L Ed 442, 447; 17 Am J2d Contr § 321.

Ballentine's law dictionary. . 1998.

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