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Adjustment in Partner's Capital A/c

Solve :X cont...

Question

Solve :
X contracts to pay a sum of money to Y on a day specified. X does not pay the money on that day. Y in consequence of not receiving the money on that day, is unable to pay his debt and is totally ruined. Discuss the legal position.

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Solution

Solution: Section to which the given problem relates: Section 73.
Decision and Reason: Y will not be able to recover anything except the principal sum together with interest up to the date of payment because Ys insolvency is an indirect consequence of breach of contract.

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Adjustment in Partner's Capital A/c

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