Law · Indian Contract Act
What happens to a payment when neither party specifies its application towards a particular debt, as stated in Section 61 of the Indian Contract Act, 1872?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The payment is considered a goodwill gesture, and no debt is discharged.
- 2The creditor can refuse the payment until a specific debt application is confirmed.
- 3The payment shall be applied in discharge of the debts in order of time.✓
- 4The payment must be equally distributed across all debts regardless of their amounts.
Correct answer
The payment shall be applied in discharge of the debts in order of time.
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