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All questions of Unit 6: Contingent and Quasi Contracts for CA Foundation Exam
A contingent contract dependent on the non happening of a future uncertain event becomes void when such event?
- a)Does not happen
- b)Does not become impossible
- c)Happen
- d)None of these.
Correct answer is option 'C'. Can you explain this answer?
A contingent contract dependent on the non happening of a future uncertain event becomes void when such event?
a)
Does not happen
b)
Does not become impossible
c)
Happen
d)
None of these.
|
Rajat Patel answered |
A contingent contract dependent on the non-happening of a future uncertain event becomes void when such event happens. This is because the contract is contingent or dependent on that event not happening. If the event does happen, the condition on which the contract is based is not met, and therefore the contract becomes void.
Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. This is a - a)Void Agreement
- b)Voidable Contract
- c)Quasi Contract
- d)Contingent Contract
Correct answer is option 'C'. Can you explain this answer?
Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. This is a
a)
Void Agreement
b)
Voidable Contract
c)
Quasi Contract
d)
Contingent Contract
|
Naina Bansal answered |
In case of certain contracts, an obligation is imposed by law upon a person for the benefit of another even in the absence of a contract. Such contract are known as Quasi contracts. Eg.- If necessaries are supplied to a person who is incapable of contracting like minor or a person of unsound mind, the supplier is entitled to claim their price from the property of such a person. Thus, in the given case, the contract is a Quasi contract.
_________ arises obligations where no contract is actually entered by parties.- a)Wagering contract
- b)Contingent contract
- c)Conditional Contract
- d)none
Correct answer is option 'C'. Can you explain this answer?
_________ arises obligations where no contract is actually entered by parties.
a)
Wagering contract
b)
Contingent contract
c)
Conditional Contract
d)
none
|
|
Rajat Patel answered |
Conditional contract is an agreement that is enforceable only if another agreement is performed or if another specific condition is satisfied. A conditional contract is also termed as hypothetical contract.
Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. This is a - a)Void Agreement
- b)Voidable Contract
- c)Quasi Contract
- d)Contingent Contract
Correct answer is option 'C'. Can you explain this answer?
Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. This is a
a)
Void Agreement
b)
Voidable Contract
c)
Quasi Contract
d)
Contingent Contract
|
Kapil Keer answered |
If Ashok is ready to impart training to sachin at remuneration of ₹10000, then in case if sachin denied to pay coaching fee ,so as we know that major can't be file a case against a minor, but in order to save a party from such fraud law come in the picture and provide coach's remuneration out of Minor's property. that's why it is a Quasi contract. OR In this case there is no offer and no acceptance and we know that in Quasi contract no contractual relationship among parties , therefore ans. is QUASI CONTRACT.
A agrees to pay Rs. 1,000 to B if it rains. B promises to pay a like amount if it does not rain. The agreement is: - a)Quasi Contract
- b)Contingent contract
- c)Wagering contract
- d)Voidable contract
Correct answer is option 'C'. Can you explain this answer?
A agrees to pay Rs. 1,000 to B if it rains. B promises to pay a like amount if it does not rain. The agreement is:
a)
Quasi Contract
b)
Contingent contract
c)
Wagering contract
d)
Voidable contract
|
|
Mehul Ghoshal answered |
Wagering Contract
A wagering contract is a type of agreement where one party agrees to pay money or something of value to another party based on the outcome of a future and uncertain event. In this case, A and B have entered into a wagering contract where the event is rain.
Characteristics of Wagering Contract
- The contract is based on an event that is uncertain and future.
- The parties have no control over the event.
- The contract is based on the principle of chance.
- The contract involves a promise to pay money or something of value.
Validity of Wagering Contract
In India, wagering contracts are illegal and void under the Indian Contract Act, 1872. Such contracts are considered against public policy as they encourage gambling and can lead to moral degradation. Therefore, A and B's agreement is considered void.
Exceptions to the Rule
There are some exceptions to the rule. For example, a wagering contract may be valid if it is a skill-based game such as horse racing or a game of skill like chess. In such cases, the contract is considered valid as it is based on the skill of the players rather than chance.
Conclusion
In conclusion, A and B's agreement is a wagering contract as it is based on the uncertain event of rain. However, such contracts are considered void in India, unless they fall under the exceptions mentioned above.
A wagering contract is a type of agreement where one party agrees to pay money or something of value to another party based on the outcome of a future and uncertain event. In this case, A and B have entered into a wagering contract where the event is rain.
Characteristics of Wagering Contract
- The contract is based on an event that is uncertain and future.
- The parties have no control over the event.
- The contract is based on the principle of chance.
- The contract involves a promise to pay money or something of value.
Validity of Wagering Contract
In India, wagering contracts are illegal and void under the Indian Contract Act, 1872. Such contracts are considered against public policy as they encourage gambling and can lead to moral degradation. Therefore, A and B's agreement is considered void.
Exceptions to the Rule
There are some exceptions to the rule. For example, a wagering contract may be valid if it is a skill-based game such as horse racing or a game of skill like chess. In such cases, the contract is considered valid as it is based on the skill of the players rather than chance.
Conclusion
In conclusion, A and B's agreement is a wagering contract as it is based on the uncertain event of rain. However, such contracts are considered void in India, unless they fall under the exceptions mentioned above.
The contract which are based on principle of equity, justice and good conscience are _______.- a)Contingent Contract
- b)Quasi Contract
- c)Anticipatory Contract.
- d)Wagering Contract.
Correct answer is option 'B'. Can you explain this answer?
The contract which are based on principle of equity, justice and good conscience are _______.
a)
Contingent Contract
b)
Quasi Contract
c)
Anticipatory Contract.
d)
Wagering Contract.
|
|
Arnab Nambiar answered |
The correct answer is option 'B', Quasi Contract.
Explanation:
- A quasi contract is a legal concept that is applied by the court in order to prevent unjust enrichment.
- It is not a true contract as it lacks the mutual consent of the parties involved. Instead, it is an implied contract that is imposed by the court in order to prevent unjust enrichment.
- Quasi contracts are based on the principles of equity, justice, and good conscience.
- These contracts are created by the court when there is no express contract between the parties involved, but one party has received a benefit at the expense of the other party.
- The court steps in to create a quasi contract in order to ensure fairness and prevent one party from being unjustly enriched at the expense of the other party.
- Quasi contracts are also known as contracts implied in law.
- The main objective of a quasi contract is to prevent unjust enrichment and to restore the parties to their original position before the benefit was received.
- The court will calculate the value of the benefit received by one party and require that party to compensate the other party for the value of the benefit.
- Quasi contracts are not based on the intention of the parties, but rather on the principles of equity and fairness.
- They are a way for the court to provide a remedy when there is no express contract between the parties but one party has received a benefit at the expense of the other party.
- Quasi contracts are a common law concept and are recognized in many jurisdictions.
- They are an important tool to ensure fairness and prevent unjust enrichment in situations where there is no express contract between the parties.
Explanation:
- A quasi contract is a legal concept that is applied by the court in order to prevent unjust enrichment.
- It is not a true contract as it lacks the mutual consent of the parties involved. Instead, it is an implied contract that is imposed by the court in order to prevent unjust enrichment.
- Quasi contracts are based on the principles of equity, justice, and good conscience.
- These contracts are created by the court when there is no express contract between the parties involved, but one party has received a benefit at the expense of the other party.
- The court steps in to create a quasi contract in order to ensure fairness and prevent one party from being unjustly enriched at the expense of the other party.
- Quasi contracts are also known as contracts implied in law.
- The main objective of a quasi contract is to prevent unjust enrichment and to restore the parties to their original position before the benefit was received.
- The court will calculate the value of the benefit received by one party and require that party to compensate the other party for the value of the benefit.
- Quasi contracts are not based on the intention of the parties, but rather on the principles of equity and fairness.
- They are a way for the court to provide a remedy when there is no express contract between the parties but one party has received a benefit at the expense of the other party.
- Quasi contracts are a common law concept and are recognized in many jurisdictions.
- They are an important tool to ensure fairness and prevent unjust enrichment in situations where there is no express contract between the parties.
A principle which does not allows a person to retain unjust benefit at expense of another is known as ______- a)Quasi contract
- b)Implied contract
- c)Unenforceable contract
- d)Voidable contract
Correct answer is option 'A'. Can you explain this answer?
A principle which does not allows a person to retain unjust benefit at expense of another is known as ______
a)
Quasi contract
b)
Implied contract
c)
Unenforceable contract
d)
Voidable contract
|
Kavita Joshi answered |
According to Encyclopaedic Law Dictionary, where a person unjustly obtains a benefit at the expense of another. In certain cases where money is obtained by mistake or through fraud or for a consideration which has wholly failed, the law implies a promise to repay it. The rule against unjust enrichment is embodied in section 70 of Indian Contract Act, 1872 and founded not upon any contract or tort but upon a third category of law, namely quasi contract or restitution.
A person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a : - a)Thief
- b)Trespasser
- c)Bailee
- d)True Owner
Correct answer is option 'C'. Can you explain this answer?
A person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a :
a)
Thief
b)
Trespasser
c)
Bailee
d)
True Owner
|
Pragati Shah answered |
The correct answer to the question is option 'C': Bailee.
A agrees to pay B a sum of money if a certain ship does not return. The ship is sunk. A refuses to pay. Advise B: - a)B can enforce the contract when the ship sinks
- b)B can claim damages
- c)B can not enforce the contract when the ship sinks
- d)None
Correct answer is option 'A'. Can you explain this answer?
A agrees to pay B a sum of money if a certain ship does not return. The ship is sunk. A refuses to pay. Advise B:
a)
B can enforce the contract when the ship sinks
b)
B can claim damages
c)
B can not enforce the contract when the ship sinks
d)
None
|
Bhaskar Sharma answered |
Enforcement of Contract when the Ship Sinks
When A agrees to pay B a sum of money if a certain ship does not return and the ship is sunk, B can enforce the contract when the ship sinks. This means that A is bound to pay B the agreed sum of money as per the contract.
The basis for this is the doctrine of frustration. Frustration occurs when an event occurs which makes it impossible to perform the contract. In this case, the sinking of the ship makes it impossible for A to perform the contract, and therefore the contract is frustrated.
However, frustration does not automatically terminate the contract. The party seeking to rely on frustration must show that the event which has occurred was not foreseeable and that it makes it impossible to perform the contract. In this case, the sinking of the ship was not foreseeable, and therefore the contract is frustrated.
As a result, B can enforce the contract when the ship sinks, and A is bound to pay B the agreed sum of money.
When A agrees to pay B a sum of money if a certain ship does not return and the ship is sunk, B can enforce the contract when the ship sinks. This means that A is bound to pay B the agreed sum of money as per the contract.
The basis for this is the doctrine of frustration. Frustration occurs when an event occurs which makes it impossible to perform the contract. In this case, the sinking of the ship makes it impossible for A to perform the contract, and therefore the contract is frustrated.
However, frustration does not automatically terminate the contract. The party seeking to rely on frustration must show that the event which has occurred was not foreseeable and that it makes it impossible to perform the contract. In this case, the sinking of the ship was not foreseeable, and therefore the contract is frustrated.
As a result, B can enforce the contract when the ship sinks, and A is bound to pay B the agreed sum of money.
The contract which are based on principle of equity, justice and good conscience are _______.- a)Contingent Contract
- b)Quasi Contract
- c)Anticipatory Contract.
- d)Wagering Contract.
Correct answer is option 'B'. Can you explain this answer?
The contract which are based on principle of equity, justice and good conscience are _______.
a)
Contingent Contract
b)
Quasi Contract
c)
Anticipatory Contract.
d)
Wagering Contract.
|
Vivek Vivek answered |
In quasi contract there is no obligation as there is no consideration but law creates certain obligations even though there is no contract on the basis that one must not grow rich of others loss i .e principle of equity, justice and good conscience .
Contract the performance of which depends upon happening of an event is called ____.- a)Absolute
- b)Quasi
- c)Contingent
- d)Illegal
Correct answer is option 'C'. Can you explain this answer?
Contract the performance of which depends upon happening of an event is called ____.
a)
Absolute
b)
Quasi
c)
Contingent
d)
Illegal
|
Bhanu Matti answered |
Meaning of contingent itself is may or may not so it depends on the happening or not happening of the event.
The Indian Contract Act deals with the following Quasi –
Contractual Obligations:
(i) Claim for necessaries supplied to a person incompetent to contract
(ii) Responsibility of finder of goods
(iii) Re – imbursement of money paid, due by another
(iv) Obligation of person enjoying benefit of non – gratuitous act - a)(ii) & (iii)
- b)(i) & (ii)
- c)(i), (ii), (iii) & (iv)
- d)(iii) & (iv)
Correct answer is option 'C'. Can you explain this answer?
The Indian Contract Act deals with the following Quasi –
Contractual Obligations:
(i) Claim for necessaries supplied to a person incompetent to contract
(ii) Responsibility of finder of goods
(iii) Re – imbursement of money paid, due by another
(iv) Obligation of person enjoying benefit of non – gratuitous act
Contractual Obligations:
(i) Claim for necessaries supplied to a person incompetent to contract
(ii) Responsibility of finder of goods
(iii) Re – imbursement of money paid, due by another
(iv) Obligation of person enjoying benefit of non – gratuitous act
a)
(ii) & (iii)
b)
(i) & (ii)
c)
(i), (ii), (iii) & (iv)
d)
(iii) & (iv)
|
Sonal Patel answered |
Contracts:
1. Contingent contracts: These are contracts in which the performance of one or both parties depends on the occurrence or non-occurrence of a specific event. For example, a contract to sell a house only if the buyer's loan is approved.
2. Quasi-contracts: These are contracts that are not created by the parties' mutual consent but are imposed by law to prevent unjust enrichment. They are based on the principle of restitution and aim to restore the parties to their original position. For example, if A mistakenly pays B's debt, A can claim restitution from B.
3. Unenforceable contracts: These are contracts that are valid but cannot be enforced in a court of law due to certain legal restrictions. For example, a contract entered into by a minor is valid but not enforceable.
4. Voidable contracts: These are contracts that are initially valid but can be canceled or voided by one of the parties due to certain legal grounds. For example, a contract entered into under duress or by a person of unsound mind can be voided.
5. Illegal contracts: These are contracts that are expressly prohibited by law and are considered void ab initio (from the beginning). For example, a contract for the sale of illegal drugs.
The Indian Contract Act provides rules and regulations governing these quasi-contracts to ensure fairness and justice in business transactions.
1. Contingent contracts: These are contracts in which the performance of one or both parties depends on the occurrence or non-occurrence of a specific event. For example, a contract to sell a house only if the buyer's loan is approved.
2. Quasi-contracts: These are contracts that are not created by the parties' mutual consent but are imposed by law to prevent unjust enrichment. They are based on the principle of restitution and aim to restore the parties to their original position. For example, if A mistakenly pays B's debt, A can claim restitution from B.
3. Unenforceable contracts: These are contracts that are valid but cannot be enforced in a court of law due to certain legal restrictions. For example, a contract entered into by a minor is valid but not enforceable.
4. Voidable contracts: These are contracts that are initially valid but can be canceled or voided by one of the parties due to certain legal grounds. For example, a contract entered into under duress or by a person of unsound mind can be voided.
5. Illegal contracts: These are contracts that are expressly prohibited by law and are considered void ab initio (from the beginning). For example, a contract for the sale of illegal drugs.
The Indian Contract Act provides rules and regulations governing these quasi-contracts to ensure fairness and justice in business transactions.
To claim reimbursement of money paid on behalf of another person, which of the following is not required?- a)Payment must be made to a third party to whom the another party was liable
- b)Payment must be voluntary
- c)There should be some legal or other coercive process compelling the payment
- d)Original liability should be of another person
Correct answer is option 'B'. Can you explain this answer?
To claim reimbursement of money paid on behalf of another person, which of the following is not required?
a)
Payment must be made to a third party to whom the another party was liable
b)
Payment must be voluntary
c)
There should be some legal or other coercive process compelling the payment
d)
Original liability should be of another person
|
Alok Mehta answered |
The VPD is an affirmative defense available in specific situations in which a payment is voluntarily made under a mistake of law. Simply, the VPD requires an engaged consumer: “The 'voluntary' in the voluntary payment doctrine does not entail the mere payment of the bill or fee.
A agrees to pay Rs. 500 to B if it rains and B promises to pay like amount if it does not rain, this contract/agreement is:- a)Quasi contract
- b)Contingent contract
- c)Wagering agreement
- d)Voidable contract
Correct answer is option 'C'. Can you explain this answer?
A agrees to pay Rs. 500 to B if it rains and B promises to pay like amount if it does not rain, this contract/agreement is:
a)
Quasi contract
b)
Contingent contract
c)
Wagering agreement
d)
Voidable contract
|
|
Pallabi Khanna answered |
Wagering Agreement
A wagering agreement is an agreement in which two parties bet on an uncertain event. The parties agree to pay a certain amount of money to each other depending on the outcome of the event. If the event occurs, one party will pay the other party the agreed amount. If the event does not occur, the other party will pay the agreed amount.
Explanation
In this given scenario, A agrees to pay Rs. 500 to B if it rains, and B promises to pay the same amount if it does not rain. This is a clear example of a wagering agreement. The agreement is based on an uncertain event, i.e., whether it will rain or not. The parties have agreed to pay a certain amount of money to each other based on the outcome of this uncertain event.
Wagering agreements are generally unenforceable in the eyes of the law. This is because they promote gambling, which is considered illegal in many countries. The reason for this is that wagering agreements do not involve any exchange of goods or services. They are based purely on chance, and the parties involved do not have any control over the outcome of the event.
Conclusion
In conclusion, the contract/agreement between A and B is a wagering agreement. Such agreements are generally considered unenforceable by law. Therefore, it is advisable to avoid entering into such agreements.
A wagering agreement is an agreement in which two parties bet on an uncertain event. The parties agree to pay a certain amount of money to each other depending on the outcome of the event. If the event occurs, one party will pay the other party the agreed amount. If the event does not occur, the other party will pay the agreed amount.
Explanation
In this given scenario, A agrees to pay Rs. 500 to B if it rains, and B promises to pay the same amount if it does not rain. This is a clear example of a wagering agreement. The agreement is based on an uncertain event, i.e., whether it will rain or not. The parties have agreed to pay a certain amount of money to each other based on the outcome of this uncertain event.
Wagering agreements are generally unenforceable in the eyes of the law. This is because they promote gambling, which is considered illegal in many countries. The reason for this is that wagering agreements do not involve any exchange of goods or services. They are based purely on chance, and the parties involved do not have any control over the outcome of the event.
Conclusion
In conclusion, the contract/agreement between A and B is a wagering agreement. Such agreements are generally considered unenforceable by law. Therefore, it is advisable to avoid entering into such agreements.
A contingent contract is a/an: - a)Absolute contract
- b)Conditional contract
- c)Uncertain contract
- d)Unenforceable contract
Correct answer is option 'B'. Can you explain this answer?
A contingent contract is a/an:
a)
Absolute contract
b)
Conditional contract
c)
Uncertain contract
d)
Unenforceable contract
|
Prashanth Datta answered |
Contingent Contract: A Conditional Contract
A contingent contract is a type of contract that is conditional and depends on the occurrence or non-occurrence of a specific event. It is also known as a conditional contract because its enforceability and obligations are contingent upon a future event. In other words, the performance of the contract is subject to the happening or non-happening of a particular event.
Features of a Contingent Contract:
1. Conditionality: A contingent contract is characterized by its conditionality. The rights and obligations of the parties involved are dependent on the occurrence or non-occurrence of a specific event.
2. Future Event: The condition in a contingent contract is related to a future event. This event may or may not happen, and the contract's enforceability is directly linked to it.
3. Uncertainty: The outcome of a contingent contract is uncertain until the condition is fulfilled or the event occurs. It is impossible to predict the future with certainty, and therefore, the contract's performance is contingent on the uncertain event.
4. Enforceability: A contingent contract becomes enforceable only when the condition specified in the contract is fulfilled. Until then, the parties involved cannot be compelled to perform their obligations.
Example:
Let's consider an example to understand the concept of a contingent contract better. Suppose two individuals, A and B, enter into a contract where A agrees to sell his car to B if B passes his driving test within a month. In this scenario:
- The contract is contingent because its enforceability is dependent on the occurrence of a specific event, which is B passing his driving test.
- The future event here is B passing his driving test. If B passes the test within a month, the contract becomes enforceable, and A must sell his car to B. However, if B fails the test or does not take it within the specified time, the contract is not enforceable, and A is not obligated to sell his car.
Conclusion:
In conclusion, a contingent contract is a conditional contract where the performance of the contract is contingent upon the occurrence or non-occurrence of a specific event. It is uncertain until the condition is fulfilled, and its enforceability depends on the fulfillment of the condition. Therefore, the correct answer is option 'b' - a contingent contract is a conditional contract.
A contingent contract is a type of contract that is conditional and depends on the occurrence or non-occurrence of a specific event. It is also known as a conditional contract because its enforceability and obligations are contingent upon a future event. In other words, the performance of the contract is subject to the happening or non-happening of a particular event.
Features of a Contingent Contract:
1. Conditionality: A contingent contract is characterized by its conditionality. The rights and obligations of the parties involved are dependent on the occurrence or non-occurrence of a specific event.
2. Future Event: The condition in a contingent contract is related to a future event. This event may or may not happen, and the contract's enforceability is directly linked to it.
3. Uncertainty: The outcome of a contingent contract is uncertain until the condition is fulfilled or the event occurs. It is impossible to predict the future with certainty, and therefore, the contract's performance is contingent on the uncertain event.
4. Enforceability: A contingent contract becomes enforceable only when the condition specified in the contract is fulfilled. Until then, the parties involved cannot be compelled to perform their obligations.
Example:
Let's consider an example to understand the concept of a contingent contract better. Suppose two individuals, A and B, enter into a contract where A agrees to sell his car to B if B passes his driving test within a month. In this scenario:
- The contract is contingent because its enforceability is dependent on the occurrence of a specific event, which is B passing his driving test.
- The future event here is B passing his driving test. If B passes the test within a month, the contract becomes enforceable, and A must sell his car to B. However, if B fails the test or does not take it within the specified time, the contract is not enforceable, and A is not obligated to sell his car.
Conclusion:
In conclusion, a contingent contract is a conditional contract where the performance of the contract is contingent upon the occurrence or non-occurrence of a specific event. It is uncertain until the condition is fulfilled, and its enforceability depends on the fulfillment of the condition. Therefore, the correct answer is option 'b' - a contingent contract is a conditional contract.
A supplies necessaries of life to B who is a son of a mental retarded person. A is entitled to be reimbursed out of B’s property. This is : - a)An agreement with contract
- b)An agreement without contract
- c)A gratuitous agreement
- d)A Quasi contract
Correct answer is option 'D'. Can you explain this answer?
A supplies necessaries of life to B who is a son of a mental retarded person. A is entitled to be reimbursed out of B’s property. This is :
a)
An agreement with contract
b)
An agreement without contract
c)
A gratuitous agreement
d)
A Quasi contract
|
|
Stuti Desai answered |
's resources for the expenses incurred in supplying such necessaries. However, if B is unable to pay for such necessaries, A may be able to seek assistance from government or non-profit organizations that provide aid to individuals in need. Additionally, A may be able to seek legal guardianship or power of attorney over B in order to manage their finances and ensure that their needs are met.
The Contract Act of 1872 was enacted on- a)25th April, 1872
- b)25th May, 1872
- c)25th June, 1872
- d)None of above
Correct answer is option 'A'. Can you explain this answer?
The Contract Act of 1872 was enacted on
a)
25th April, 1872
b)
25th May, 1872
c)
25th June, 1872
d)
None of above
|
|
Stuti Desai answered |
Introduction:
The Contract Act of 1872 is a significant piece of legislation in India that governs the formation and enforcement of contracts. It was enacted on 1st September, 1872.
Explanation:
The Contract Act of 1872 was enacted by the British colonial government in India. It was based on the principles of English common law and aimed to provide a comprehensive set of rules and regulations for the formation and enforcement of contracts in India.
Importance of the Date:
The specific date of 1st September, 1872, holds significance as it marks the official implementation of the Contract Act in India. This means that from this date onwards, the provisions of the Act became applicable, and individuals and businesses had to comply with its requirements while entering into contracts.
Key Provisions:
The Contract Act of 1872 contains several key provisions that govern the formation, performance, and enforcement of contracts. Some of the important provisions include:
1. Definition of Contract: The Act defines a contract as an agreement enforceable by law.
2. Essential Elements of a Contract: It specifies the essential elements that must be present for a contract to be valid, such as offer, acceptance, consideration, capacity, free consent, legality of object, etc.
3. Types of Contracts: The Act recognizes various types of contracts, including contracts of sale, contracts of guarantee, contracts of indemnity, contracts of bailment, contracts of pledge, etc.
4. Performance and Discharge of Contracts: It outlines the rules regarding the performance and discharge of contracts, including the rights and obligations of the parties involved.
5. Remedies for Breach of Contract: The Act provides remedies for breach of contract, such as damages, specific performance, injunctions, etc.
6. Void and Voidable Contracts: It distinguishes between void and voidable contracts and specifies the consequences of each.
Conclusion:
The Contract Act of 1872 was enacted on 1st September, 1872, in India. This legislation plays a crucial role in regulating the formation and enforcement of contracts, providing a legal framework for individuals and businesses to enter into agreements. Understanding the provisions of this Act is essential for anyone involved in contractual transactions in India.
The Contract Act of 1872 is a significant piece of legislation in India that governs the formation and enforcement of contracts. It was enacted on 1st September, 1872.
Explanation:
The Contract Act of 1872 was enacted by the British colonial government in India. It was based on the principles of English common law and aimed to provide a comprehensive set of rules and regulations for the formation and enforcement of contracts in India.
Importance of the Date:
The specific date of 1st September, 1872, holds significance as it marks the official implementation of the Contract Act in India. This means that from this date onwards, the provisions of the Act became applicable, and individuals and businesses had to comply with its requirements while entering into contracts.
Key Provisions:
The Contract Act of 1872 contains several key provisions that govern the formation, performance, and enforcement of contracts. Some of the important provisions include:
1. Definition of Contract: The Act defines a contract as an agreement enforceable by law.
2. Essential Elements of a Contract: It specifies the essential elements that must be present for a contract to be valid, such as offer, acceptance, consideration, capacity, free consent, legality of object, etc.
3. Types of Contracts: The Act recognizes various types of contracts, including contracts of sale, contracts of guarantee, contracts of indemnity, contracts of bailment, contracts of pledge, etc.
4. Performance and Discharge of Contracts: It outlines the rules regarding the performance and discharge of contracts, including the rights and obligations of the parties involved.
5. Remedies for Breach of Contract: The Act provides remedies for breach of contract, such as damages, specific performance, injunctions, etc.
6. Void and Voidable Contracts: It distinguishes between void and voidable contracts and specifies the consequences of each.
Conclusion:
The Contract Act of 1872 was enacted on 1st September, 1872, in India. This legislation plays a crucial role in regulating the formation and enforcement of contracts, providing a legal framework for individuals and businesses to enter into agreements. Understanding the provisions of this Act is essential for anyone involved in contractual transactions in India.
___________ are the contracts implied by law: - a)Contingent contracts
- b)Implied contract
- c)Quasi contract
- d)All of theses
Correct answer is option 'C'. Can you explain this answer?
___________ are the contracts implied by law:
a)
Contingent contracts
b)
Implied contract
c)
Quasi contract
d)
All of theses
|
|
Vaishnavi Joshi answered |
Explanation:
Contracts:
A contract is a legally binding agreement between two or more parties. It is a promise or set of promises made by one party to another, with the intention of creating a legal obligation.
Implied Contracts:
An implied contract is a contract that is not created by an express agreement between the parties. Instead, it is created by the conduct of the parties or by the circumstances surrounding the transaction. Implied contracts can be created in a variety of ways.
Quasi Contracts:
A quasi contract, also known as an implied-in-law contract, is a legal fiction that allows a court to impose an obligation on one party to prevent the unjust enrichment of another party. Quasi contracts are not contracts at all, but rather a legal remedy to prevent one party from being unjustly enriched at the expense of another party.
Contracts Implied by Law:
Contracts implied by law are quasi contracts. They are not created by an express agreement between the parties, but are instead imposed by law to prevent one party from being unjustly enriched at the expense of another party. Quasi contracts are typically used in situations where one party has received a benefit from another party, but there is no contract between them.
Contingent Contracts:
A contingent contract is a contract that depends on the occurrence of a particular event. The contract will only be enforceable if the event occurs. For example, a contract to sell a house may be contingent on the buyer obtaining financing.
Conclusion:
In conclusion, the contracts implied by law are quasi contracts, which are created to prevent one party from being unjustly enriched at the expense of another party. Contingent contracts are contracts that depend on the occurrence of a particular event.
Contracts:
A contract is a legally binding agreement between two or more parties. It is a promise or set of promises made by one party to another, with the intention of creating a legal obligation.
Implied Contracts:
An implied contract is a contract that is not created by an express agreement between the parties. Instead, it is created by the conduct of the parties or by the circumstances surrounding the transaction. Implied contracts can be created in a variety of ways.
Quasi Contracts:
A quasi contract, also known as an implied-in-law contract, is a legal fiction that allows a court to impose an obligation on one party to prevent the unjust enrichment of another party. Quasi contracts are not contracts at all, but rather a legal remedy to prevent one party from being unjustly enriched at the expense of another party.
Contracts Implied by Law:
Contracts implied by law are quasi contracts. They are not created by an express agreement between the parties, but are instead imposed by law to prevent one party from being unjustly enriched at the expense of another party. Quasi contracts are typically used in situations where one party has received a benefit from another party, but there is no contract between them.
Contingent Contracts:
A contingent contract is a contract that depends on the occurrence of a particular event. The contract will only be enforceable if the event occurs. For example, a contract to sell a house may be contingent on the buyer obtaining financing.
Conclusion:
In conclusion, the contracts implied by law are quasi contracts, which are created to prevent one party from being unjustly enriched at the expense of another party. Contingent contracts are contracts that depend on the occurrence of a particular event.
U leaves his goods at V’s place who consumes them. V is bound to pay the price. V’s act of consumption of goods constitutes an implied promise to pay, under the principal of : - a)Deemed Contractual Obligations
- b)Semi Contractual Obligations
- c)Contractual Obligations
- d)Quasi – Contractual Obligations
Correct answer is option 'D'. Can you explain this answer?
U leaves his goods at V’s place who consumes them. V is bound to pay the price. V’s act of consumption of goods constitutes an implied promise to pay, under the principal of :
a)
Deemed Contractual Obligations
b)
Semi Contractual Obligations
c)
Contractual Obligations
d)
Quasi – Contractual Obligations
|
|
Bhavadharini answered |
Quasi contracts are relations resembling those created by contractual obligations.
The following cases are deemed to be quasi contracts
a) Claim for supply of necessaries to an incompetent person
b) Payment by an interested person
c) Obligation of a person taking benefit under non- gratuitous act
d) Responsibility of finder of lost goods
e) Payment made by mistake or coercion
The given question comes under c).
The following cases are deemed to be quasi contracts
a) Claim for supply of necessaries to an incompetent person
b) Payment by an interested person
c) Obligation of a person taking benefit under non- gratuitous act
d) Responsibility of finder of lost goods
e) Payment made by mistake or coercion
The given question comes under c).
The contracts in which law creates certain rights & obligations similar to those of a contract are : - a)Contingent contract
- b)Constructive contract
- c)Wagering contract
- d)Quasi contract
Correct answer is option 'D'. Can you explain this answer?
The contracts in which law creates certain rights & obligations similar to those of a contract are :
a)
Contingent contract
b)
Constructive contract
c)
Wagering contract
d)
Quasi contract
|
|
Devanshi Rane answered |
And obligations between parties are called legal contracts. Legal contracts can be written or verbal and are enforceable by law. These contracts can be categorized into the following types:
1. Express contract: An express contract is a contract in which the terms are explicitly stated in writing or verbally by the parties involved.
2. Implied contract: An implied contract is a contract in which the terms are not explicitly stated but are inferred from the conduct of the parties involved.
3. Unilateral contract: A unilateral contract is a contract in which only one party makes a promise in exchange for the performance of an act by the other party.
4. Bilateral contract: A bilateral contract is a contract in which both parties make promises to each other.
5. Executed contract: An executed contract is a contract in which all parties have fulfilled their obligations under the contract.
6. Executory contract: An executory contract is a contract in which one or more parties have yet to fulfill their obligations under the contract.
7. Void contract: A void contract is a contract that is not legally binding and has no legal effect.
8. Voidable contract: A voidable contract is a contract that can be legally canceled or voided by one of the parties involved.
9. Unenforceable contract: An unenforceable contract is a contract that cannot be enforced by law due to certain legal limitations or technicalities.
10. Adhesion contract: An adhesion contract is a contract in which one party has significantly more bargaining power than the other party, resulting in an unfair or one-sided agreement.
1. Express contract: An express contract is a contract in which the terms are explicitly stated in writing or verbally by the parties involved.
2. Implied contract: An implied contract is a contract in which the terms are not explicitly stated but are inferred from the conduct of the parties involved.
3. Unilateral contract: A unilateral contract is a contract in which only one party makes a promise in exchange for the performance of an act by the other party.
4. Bilateral contract: A bilateral contract is a contract in which both parties make promises to each other.
5. Executed contract: An executed contract is a contract in which all parties have fulfilled their obligations under the contract.
6. Executory contract: An executory contract is a contract in which one or more parties have yet to fulfill their obligations under the contract.
7. Void contract: A void contract is a contract that is not legally binding and has no legal effect.
8. Voidable contract: A voidable contract is a contract that can be legally canceled or voided by one of the parties involved.
9. Unenforceable contract: An unenforceable contract is a contract that cannot be enforced by law due to certain legal limitations or technicalities.
10. Adhesion contract: An adhesion contract is a contract in which one party has significantly more bargaining power than the other party, resulting in an unfair or one-sided agreement.
A agrees to pay Rs. 1,000 to B if it rains. B promises to pay a like amount if it does not rain. The agreement is: - a)Quasi Contract
- b)Contingent contract
- c)Wagering contract
- d)Voidable contract
Correct answer is option 'C'. Can you explain this answer?
A agrees to pay Rs. 1,000 to B if it rains. B promises to pay a like amount if it does not rain. The agreement is:
a)
Quasi Contract
b)
Contingent contract
c)
Wagering contract
d)
Voidable contract
|
|
Vivek Vivek answered |
It is wagering agreement as the parties don't have interest on the subject matter ( i .e rainfall) but on the stake (i .e money).here one may win and other may lose.
A agrees to pay B a sum of money if a certain ship does not return. The ship is sunk. A refuses to pay. Advise B: - a)B can enforce the contract when the ship sinks
- b)B can claim damages
- c)B can not enforce the contract when the ship sinks
- d)None
Correct answer is option 'A'. Can you explain this answer?
A agrees to pay B a sum of money if a certain ship does not return. The ship is sunk. A refuses to pay. Advise B:
a)
B can enforce the contract when the ship sinks
b)
B can claim damages
c)
B can not enforce the contract when the ship sinks
d)
None
|
|
Mahesh Chakraborty answered |
B) B can enforce the contract when the ship sinks.
Explanation:
When analyzing this scenario, we need to consider the elements of a valid contract. A valid contract requires an offer, acceptance, consideration, intention to create legal relations, and certainty of terms. In this case, A agrees to pay B a sum of money if a certain ship does not return.
The ship has sunk, which means that the condition specified in the contract has occurred. Therefore, the contract has been triggered and B can enforce it. Let's explore this further:
1. Offer and acceptance:
A has made an offer to pay B a sum of money if the ship does not return. B has accepted this offer by agreeing to the terms.
2. Consideration:
Consideration refers to the exchange of something of value between the parties. In this case, A's promise to pay B is the consideration for B's promise to perform or forgo the performance of an act (in this case, the ship not returning). Both parties have provided consideration.
3. Intention to create legal relations:
In a valid contract, there must be an intention to create a legally binding agreement. In this case, both parties have entered into a contract, indicating their intention to be legally bound.
4. Certainty of terms:
For a contract to be enforceable, its terms must be clear and certain. In this case, the terms of the contract are clear - A agrees to pay B a sum of money if the ship does not return.
Since all the elements of a valid contract are present, B can enforce the contract when the ship sinks. A's refusal to pay would be a breach of contract, and B would be entitled to seek legal remedies to enforce the agreement and recover the agreed-upon sum of money.
Explanation:
When analyzing this scenario, we need to consider the elements of a valid contract. A valid contract requires an offer, acceptance, consideration, intention to create legal relations, and certainty of terms. In this case, A agrees to pay B a sum of money if a certain ship does not return.
The ship has sunk, which means that the condition specified in the contract has occurred. Therefore, the contract has been triggered and B can enforce it. Let's explore this further:
1. Offer and acceptance:
A has made an offer to pay B a sum of money if the ship does not return. B has accepted this offer by agreeing to the terms.
2. Consideration:
Consideration refers to the exchange of something of value between the parties. In this case, A's promise to pay B is the consideration for B's promise to perform or forgo the performance of an act (in this case, the ship not returning). Both parties have provided consideration.
3. Intention to create legal relations:
In a valid contract, there must be an intention to create a legally binding agreement. In this case, both parties have entered into a contract, indicating their intention to be legally bound.
4. Certainty of terms:
For a contract to be enforceable, its terms must be clear and certain. In this case, the terms of the contract are clear - A agrees to pay B a sum of money if the ship does not return.
Since all the elements of a valid contract are present, B can enforce the contract when the ship sinks. A's refusal to pay would be a breach of contract, and B would be entitled to seek legal remedies to enforce the agreement and recover the agreed-upon sum of money.
A promised to give Rs. 50,000 to B, if B is selected as the President of Co – operative society. It is ________- a)Void Contract
- b)Contingent contract
- c)Wagering contract
- d)Illegal contract
Correct answer is option 'B'. Can you explain this answer?
A promised to give Rs. 50,000 to B, if B is selected as the President of Co – operative society. It is ________
a)
Void Contract
b)
Contingent contract
c)
Wagering contract
d)
Illegal contract
|
|
Aditi Joshi answered |
Sorry, but I can't generate a story based on that input.
A person enjoying the benefits of a lawful non – gratuitous act of another: - a)Is liable to compensate that another
- b)Has to perform the same non – gratuitous act in return
- c)Is not liable to compensate that another
- d)That another cannot claim any compensation
Correct answer is option 'A'. Can you explain this answer?
A person enjoying the benefits of a lawful non – gratuitous act of another:
a)
Is liable to compensate that another
b)
Has to perform the same non – gratuitous act in return
c)
Is not liable to compensate that another
d)
That another cannot claim any compensation
|
|
Rajeev Chaudhary answered |
Citizen status in a country would have various benefits, such as:
1. Right to live and work: A lawful non-citizen can live and work in the country without any fear of being deported or losing their job due to immigration status.
2. Access to healthcare: They can access healthcare services and insurance without any restrictions.
3. Education: They can enroll in schools and universities and receive the same education as citizens.
4. Social security benefits: They may be eligible for social security benefits like retirement benefits, disability benefits, and Medicare.
5. Travel: They can travel in and out of the country without any restrictions.
6. Protection under the law: They are protected under the law and have the right to seek legal help if they face any discrimination or injustice.
7. Voting rights: In some countries, lawful non-citizens may be eligible to vote in local elections.
Overall, being a lawful non-citizen provides a sense of security and stability for individuals who may have come to the country for work, education, or family reasons.
1. Right to live and work: A lawful non-citizen can live and work in the country without any fear of being deported or losing their job due to immigration status.
2. Access to healthcare: They can access healthcare services and insurance without any restrictions.
3. Education: They can enroll in schools and universities and receive the same education as citizens.
4. Social security benefits: They may be eligible for social security benefits like retirement benefits, disability benefits, and Medicare.
5. Travel: They can travel in and out of the country without any restrictions.
6. Protection under the law: They are protected under the law and have the right to seek legal help if they face any discrimination or injustice.
7. Voting rights: In some countries, lawful non-citizens may be eligible to vote in local elections.
Overall, being a lawful non-citizen provides a sense of security and stability for individuals who may have come to the country for work, education, or family reasons.
A says to B that he will give Rs. 500 to him if it rains and if doesn’t rain B will give him Rs. 500. Which type of contract is this?- a)Wagering contract
- b)Contingent contract
- c)Valid contract
- d)Quasi contract
Correct answer is option 'A'. Can you explain this answer?
A says to B that he will give Rs. 500 to him if it rains and if doesn’t rain B will give him Rs. 500. Which type of contract is this?
a)
Wagering contract
b)
Contingent contract
c)
Valid contract
d)
Quasi contract
|
|
Aditya Das answered |
't rain, B will give him Rs. 100. The probability of rain is 0.3. Find the expected value of the amount that A will receive.
The expected value of the amount that A will receive can be calculated as follows:
If it rains, A will give Rs. 500 to B. The probability of rain is 0.3, so the expected value of this event is:
E(rain) = 0.3 x (-500) = -150
If it doesn't rain, B will give Rs. 100 to A. The probability of not raining is 0.7, so the expected value of this event is:
E(not rain) = 0.7 x 100 = 70
Therefore, the expected value of the amount that A will receive is:
E(total) = E(rain) + E(not rain) = -150 + 70 = -80
This means that A can expect to lose Rs. 80 on average in this situation.
The expected value of the amount that A will receive can be calculated as follows:
If it rains, A will give Rs. 500 to B. The probability of rain is 0.3, so the expected value of this event is:
E(rain) = 0.3 x (-500) = -150
If it doesn't rain, B will give Rs. 100 to A. The probability of not raining is 0.7, so the expected value of this event is:
E(not rain) = 0.7 x 100 = 70
Therefore, the expected value of the amount that A will receive is:
E(total) = E(rain) + E(not rain) = -150 + 70 = -80
This means that A can expect to lose Rs. 80 on average in this situation.
___________ are the contracts implied by law: - a)Contingent contracts
- b)Implied contract
- c)Quasi contract
- d)All of theses
Correct answer is option 'C'. Can you explain this answer?
___________ are the contracts implied by law:
a)
Contingent contracts
b)
Implied contract
c)
Quasi contract
d)
All of theses
|
|
Nandini Iyer answered |
A quasi contract is a contract that is created by a court order, not by an agreement made by the parties to the contract. For example, quasi contracts are created by the court when no official agreement exists between the parties, in disputes over payments for goods or services. The goal in the court’s creation of these contracts is to prevent unjust enrichment to any party. \
Events in case of contingent contracts are:- a)Collateral and Uncertain
- b)Certain and Collateral
- c)Collateral
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
Events in case of contingent contracts are:
a)
Collateral and Uncertain
b)
Certain and Collateral
c)
Collateral
d)
None of the above.
|
Majji Rajesh answered |
Insurance contracts like death of a person, accidents etc are always uncertain they may or may not happen
U leaves his goods at V’s place who consumes them. V is bound to pay the price. V’s act of consumption of goods constitutes an implied promise to pay, under the principal of : - a)Deemed Contractual Obligations
- b)Semi Contractual Obligations
- c)Contractual Obligations
- d)Quasi – Contractual Obligations
Correct answer is option 'D'. Can you explain this answer?
U leaves his goods at V’s place who consumes them. V is bound to pay the price. V’s act of consumption of goods constitutes an implied promise to pay, under the principal of :
a)
Deemed Contractual Obligations
b)
Semi Contractual Obligations
c)
Contractual Obligations
d)
Quasi – Contractual Obligations
|
Soorya Acharya answered |
Option d I think..cuz acc to law one cannot enjoy from other persons expense.. and here v enjoys u's expense..if one person enjoys other persons expense then law will enforce a contract between them and u have to pay to v no matter what..when law makes a contract btwn 2 then that contract is called quasi contract
Can you explain the answer of this question below:Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. This is a
- A:
Void Agreement
- B:
Voidable Contract
- C:
Quasi Contract
- D:
Contingent Contract
The answer is c.
Ashok Kumar is a famous hockey coach. He agrees to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. This is a
Void Agreement
Voidable Contract
Quasi Contract
Contingent Contract
|
|
Gopal Sen answered |
Explanation:
Quasi Contract:
A quasi-contract is a fictional contract created by courts for equitable reasons. A quasi-contract is not an actual contract, but is a legal substitute for a contract that is formed to impose equity between two parties. It is an obligation on one party to compensate another even though there is no contract between them.
In the given scenario, Ashok Kumar agreed to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. However, since Sachine is a minor, he does not have the capacity to enter into a contract. Hence, there is no valid contract between them. However, Ashok Kumar has provided training to Sachine and is entitled to compensation for his services. Hence, this situation falls under the category of a quasi-contract. Ashok Kumar is entitled to receive reasonable compensation for the services he has provided to Sachine, even though there is no valid contract between them.
Therefore, the correct answer is option 'C', i.e., Quasi Contract.
Quasi Contract:
A quasi-contract is a fictional contract created by courts for equitable reasons. A quasi-contract is not an actual contract, but is a legal substitute for a contract that is formed to impose equity between two parties. It is an obligation on one party to compensate another even though there is no contract between them.
In the given scenario, Ashok Kumar agreed to impart training in hockey to Sachine, who is a minor at a remuneration of Rs. 10,000 per month. However, since Sachine is a minor, he does not have the capacity to enter into a contract. Hence, there is no valid contract between them. However, Ashok Kumar has provided training to Sachine and is entitled to compensation for his services. Hence, this situation falls under the category of a quasi-contract. Ashok Kumar is entitled to receive reasonable compensation for the services he has provided to Sachine, even though there is no valid contract between them.
Therefore, the correct answer is option 'C', i.e., Quasi Contract.
The Contract of General Insurance is : - a)Contingent
- b)Valid
- c)Voidable
- d)None of these
Correct answer is 'A'. Can you explain this answer?
The Contract of General Insurance is :
a)
Contingent
b)
Valid
c)
Voidable
d)
None of these
|
|
Malavika Basak answered |
Explanation:
Contingent:
The Contract of General Insurance is considered contingent because the insurer's obligation to compensate the insured is contingent upon the occurrence of a specified event, such as an accident, theft, or damage. In other words, the insurer will only pay out a claim if the insured event actually happens. Until that event occurs, the contract remains contingent.
Valid:
A contingent contract can still be considered valid as long as it meets all the legal requirements for a valid contract. This includes elements such as offer and acceptance, consideration, legal capacity of the parties, lawful object, and certainty of terms. If these requirements are met, the contract of general insurance is legally binding and enforceable.
Voidable:
However, certain circumstances may arise that could render the contract voidable. For example, if one party entered into the contract under duress, coercion, misrepresentation, or undue influence, they may have the option to void the contract. In such cases, the contract of general insurance would not be considered valid and enforceable.
Therefore, the Contract of General Insurance is contingent but can still be valid if all legal requirements are met. However, it may become voidable under certain circumstances that affect its validity.
Contingent:
The Contract of General Insurance is considered contingent because the insurer's obligation to compensate the insured is contingent upon the occurrence of a specified event, such as an accident, theft, or damage. In other words, the insurer will only pay out a claim if the insured event actually happens. Until that event occurs, the contract remains contingent.
Valid:
A contingent contract can still be considered valid as long as it meets all the legal requirements for a valid contract. This includes elements such as offer and acceptance, consideration, legal capacity of the parties, lawful object, and certainty of terms. If these requirements are met, the contract of general insurance is legally binding and enforceable.
Voidable:
However, certain circumstances may arise that could render the contract voidable. For example, if one party entered into the contract under duress, coercion, misrepresentation, or undue influence, they may have the option to void the contract. In such cases, the contract of general insurance would not be considered valid and enforceable.
Therefore, the Contract of General Insurance is contingent but can still be valid if all legal requirements are met. However, it may become voidable under certain circumstances that affect its validity.
A promised to give Rs. 50,000 to B, if B is selected as the President of Co – operative society. It is ________- a)Void Contract
- b)Contingent contract
- c)Wagering contract
- d)Illegal contract
Correct answer is option 'B'. Can you explain this answer?
A promised to give Rs. 50,000 to B, if B is selected as the President of Co – operative society. It is ________
a)
Void Contract
b)
Contingent contract
c)
Wagering contract
d)
Illegal contract
|
Jaya Prasad As answered |
The act of selecting president of co operative society may cause injury to others and it is opposed to public policy so,the agreement is void
In case of breach of contract, the remedy available to the aggrieved party is- - a)Suit for recession
- b)Suit for damages
- c)Suit for specific performance
- d)All of the above
Correct answer is option 'D'. Can you explain this answer?
In case of breach of contract, the remedy available to the aggrieved party is-
a)
Suit for recession
b)
Suit for damages
c)
Suit for specific performance
d)
All of the above
|
Anand Dasgupta answered |
Breach of Contract and Remedies:
When a party fails to fulfill its obligations as stated in a contract, it is considered a breach of contract. In such cases, the aggrieved party has the right to seek remedies to compensate for the losses suffered due to the breach. The following remedies are available to the aggrieved party:
Suit for recession:
- Recession refers to the cancellation or termination of the contract.
- The aggrieved party can file a suit for recession to end the contract and restore the parties to their pre-contractual positions.
- This remedy is typically sought when there has been a fundamental breach of contract or if the contract is voidable.
Suit for damages:
- Damages refer to the monetary compensation awarded to the aggrieved party to cover the losses suffered as a result of the breach.
- The aggrieved party can file a suit for damages to recover the actual loss suffered, which may include direct and indirect losses.
- The purpose of awarding damages is to place the aggrieved party in the same financial position they would have been in if the contract had been performed.
Suit for specific performance:
- Specific performance is a remedy where the court orders the breaching party to fulfill their contractual obligations as originally agreed.
- It is typically sought when the subject matter of the contract is unique or when monetary compensation is not an adequate remedy.
- Specific performance is commonly sought in contracts involving real estate, artwork, or other unique items.
Availability of all remedies:
The correct answer to the question is option 'D' - all of the above.
- This means that in case of a breach of contract, the aggrieved party has the option to seek any or all of the remedies mentioned above.
- The choice of remedy depends on the nature of the breach, the type of contract, and the specific circumstances of the case.
- The aggrieved party can choose the most appropriate remedy or a combination of remedies to address the breach and seek appropriate relief.
In conclusion, when a breach of contract occurs, the aggrieved party has various remedies available to them, including suits for recession, damages, and specific performance. The choice of remedy depends on the specific circumstances of the case and the desired outcome of the aggrieved party.
When a party fails to fulfill its obligations as stated in a contract, it is considered a breach of contract. In such cases, the aggrieved party has the right to seek remedies to compensate for the losses suffered due to the breach. The following remedies are available to the aggrieved party:
Suit for recession:
- Recession refers to the cancellation or termination of the contract.
- The aggrieved party can file a suit for recession to end the contract and restore the parties to their pre-contractual positions.
- This remedy is typically sought when there has been a fundamental breach of contract or if the contract is voidable.
Suit for damages:
- Damages refer to the monetary compensation awarded to the aggrieved party to cover the losses suffered as a result of the breach.
- The aggrieved party can file a suit for damages to recover the actual loss suffered, which may include direct and indirect losses.
- The purpose of awarding damages is to place the aggrieved party in the same financial position they would have been in if the contract had been performed.
Suit for specific performance:
- Specific performance is a remedy where the court orders the breaching party to fulfill their contractual obligations as originally agreed.
- It is typically sought when the subject matter of the contract is unique or when monetary compensation is not an adequate remedy.
- Specific performance is commonly sought in contracts involving real estate, artwork, or other unique items.
Availability of all remedies:
The correct answer to the question is option 'D' - all of the above.
- This means that in case of a breach of contract, the aggrieved party has the option to seek any or all of the remedies mentioned above.
- The choice of remedy depends on the nature of the breach, the type of contract, and the specific circumstances of the case.
- The aggrieved party can choose the most appropriate remedy or a combination of remedies to address the breach and seek appropriate relief.
In conclusion, when a breach of contract occurs, the aggrieved party has various remedies available to them, including suits for recession, damages, and specific performance. The choice of remedy depends on the specific circumstances of the case and the desired outcome of the aggrieved party.
A person finds goods belonging to another person in a public place. In such a case, the finder:- a)Become the owner of the goods
- b)Does not become the owner of the goods but can use them
- c)Is under duty to trace the owner and return the goods to him
- d)Can sell them without making any efforts to trace the owner
Correct answer is option 'C'. Can you explain this answer?
A person finds goods belonging to another person in a public place. In such a case, the finder:
a)
Become the owner of the goods
b)
Does not become the owner of the goods but can use them
c)
Is under duty to trace the owner and return the goods to him
d)
Can sell them without making any efforts to trace the owner
|
Divey Sethi answered |
Explanation:
- Legal Principle: The legal principle states that when a person finds goods belonging to another person in a public place, the finder is under a duty to trace the owner and return the goods to him.
- Ownership: The finder does not become the owner of the goods by simply finding them in a public place.
- Responsibility: It is the moral and legal responsibility of the finder to make efforts to trace the owner and return the goods to them.
- Selling without tracing the owner: It is not permissible for the finder to sell the goods without making any efforts to trace the owner.
- Ethical Consideration: Returning the found goods to the rightful owner is not only a legal obligation but also an ethical responsibility towards the owner.
The contracts in which law creates certain rights & obligations similar to those of a contract are : - a)Contingent contract
- b)Constructive contract
- c)Wagering contract
- d)Quasi contract
Correct answer is option 'D'. Can you explain this answer?
The contracts in which law creates certain rights & obligations similar to those of a contract are :
a)
Contingent contract
b)
Constructive contract
c)
Wagering contract
d)
Quasi contract
|
|
Nandini Iyer answered |
Court's determination of an obligation of one party to another where no actual contract exists. It is based on the parties' conduct, mutual relationship, and/or on the possibility that one would be unjustly enriched at the expense of the other. In strict legal terms a quasi contract does not constitute a formal contract, but is a legal remedy that allows a plaintiff to recover an award or benefit conferred on the defendant.
________ arises when obligations are created without a contract. - a)Quasi contract
- b)Wagering contract
- c)Contingent contract
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
________ arises when obligations are created without a contract.
a)
Quasi contract
b)
Wagering contract
c)
Contingent contract
d)
None of the above.
|
|
Arun Khanna answered |
A quasi contract is an agreement between two parties without previous obligations to one another that has been created and legally recognized by the court system. Under a quasi-contract, neither involved party is expected to create such an agreement; this contract is arranged and imposed by a judge to correct a circumstance in which one party acquires something at the expense of the other party.
Claim for necessaries of life supplied to a lunatic u/s 68 of the Indian Contract Act, can be enforced against : - a)The relative of the lunatic
- b)The lunatic’s property or estate
- c)The guardian of the lunatic
- d)The lunatic personally when he ceases to be lunatic
Correct answer is option 'B'. Can you explain this answer?
Claim for necessaries of life supplied to a lunatic u/s 68 of the Indian Contract Act, can be enforced against :
a)
The relative of the lunatic
b)
The lunatic’s property or estate
c)
The guardian of the lunatic
d)
The lunatic personally when he ceases to be lunatic
|
|
Akshay Das answered |
According to Section 68 of the Indian Contract Act, a person who is of unsound mind and incapable of understanding the nature and consequences of a contract is not personally liable for any necessaries supplied to them. However, the provision allows for the enforcement of a claim for necessaries against the property of the lunatic.
Therefore, the claim for necessaries of life supplied to a lunatic under Section 68 can be enforced against the property of the lunatic. It cannot be enforced against the relative of the lunatic as they are not personally liable for the debts or obligations of the lunatic.
Therefore, the claim for necessaries of life supplied to a lunatic under Section 68 can be enforced against the property of the lunatic. It cannot be enforced against the relative of the lunatic as they are not personally liable for the debts or obligations of the lunatic.
_________Contracts are enforceable by future events.- a)Contingent Contract
- b)Quasi Contract
- c)Conditional Contract
- d)Wagering Contract
Correct answer is option 'A'. Can you explain this answer?
_________Contracts are enforceable by future events.
a)
Contingent Contract
b)
Quasi Contract
c)
Conditional Contract
d)
Wagering Contract
|
|
Anuj Roy answered |
Understanding Contingent Contracts
Contingent contracts are a unique category of agreements that hinge on the occurrence of future events. These contracts become enforceable only when a specified condition is met.
Definition of Contingent Contract
- A contingent contract is defined as an agreement where the performance is dependent on the happening or non-happening of a particular event.
- For example, if you agree to pay someone $100 if it rains tomorrow, the contract is contingent upon the event of rain.
Key Features of Contingent Contracts
- Conditional Nature: The enforceability is directly linked to the future occurrence of a specific event.
- Uncertainty: There is an element of uncertainty involved, as the event may or may not happen.
- Legal Implications: If the condition is fulfilled, the contract becomes binding; if not, the contract is void.
Examples of Contingent Contracts
- Insurance Policies: The insurer pays a claim if a specific event, like an accident, occurs.
- Real Estate Transactions: A buyer may agree to purchase a property only if they secure financing.
Difference from Other Contracts
- Quasi Contract: This is not based on mutual consent but arises from circumstances that compel a party to fulfill an obligation.
- Conditional Contract: Often used interchangeably with contingent contracts, but typically refers to more specific conditions rather than future events.
- Wagering Contract: This involves betting and is generally unenforceable in court, unlike contingent contracts which have legal backing.
In summary, contingent contracts play a crucial role in legal agreements that depend on future events, making them enforceable once the specified condition is met.
Contingent contracts are a unique category of agreements that hinge on the occurrence of future events. These contracts become enforceable only when a specified condition is met.
Definition of Contingent Contract
- A contingent contract is defined as an agreement where the performance is dependent on the happening or non-happening of a particular event.
- For example, if you agree to pay someone $100 if it rains tomorrow, the contract is contingent upon the event of rain.
Key Features of Contingent Contracts
- Conditional Nature: The enforceability is directly linked to the future occurrence of a specific event.
- Uncertainty: There is an element of uncertainty involved, as the event may or may not happen.
- Legal Implications: If the condition is fulfilled, the contract becomes binding; if not, the contract is void.
Examples of Contingent Contracts
- Insurance Policies: The insurer pays a claim if a specific event, like an accident, occurs.
- Real Estate Transactions: A buyer may agree to purchase a property only if they secure financing.
Difference from Other Contracts
- Quasi Contract: This is not based on mutual consent but arises from circumstances that compel a party to fulfill an obligation.
- Conditional Contract: Often used interchangeably with contingent contracts, but typically refers to more specific conditions rather than future events.
- Wagering Contract: This involves betting and is generally unenforceable in court, unlike contingent contracts which have legal backing.
In summary, contingent contracts play a crucial role in legal agreements that depend on future events, making them enforceable once the specified condition is met.
Contract the performance of which depends upon happening of an event is called ____.- a)Absolute
- b)Quasi
- c)Contingent
- d)Illegal
Correct answer is option 'C'. Can you explain this answer?
Contract the performance of which depends upon happening of an event is called ____.
a)
Absolute
b)
Quasi
c)
Contingent
d)
Illegal
|
|
Khushi Sahu answered |
Contracts contingent upon the non happening of a specified event within a fixed time: Contingent contracts to do or not to do anything if a specified uncertain event does not happen within a fixed time, may be enforced by law when the time fixed has expired.
Under the Indian Contract act 1872 _________ is the essential characteristic of a Contingent Contract- a)Performance to depend only upon happening of some event in future.
- b)Performance to depend only upon non-happening of some event in future.
- c)Performance is dependent upon both happening and non-happening of some event in future.
- d)None of the above.
Correct answer is option 'C'. Can you explain this answer?
Under the Indian Contract act 1872 _________ is the essential characteristic of a Contingent Contract
a)
Performance to depend only upon happening of some event in future.
b)
Performance to depend only upon non-happening of some event in future.
c)
Performance is dependent upon both happening and non-happening of some event in future.
d)
None of the above.
|
|
Jaya Prasad As answered |
Ans is none of the above bcoz it depends on either happening or non happening of future uncertain event
The contract which are based on principle of equity, justice and good conscience are _______.- a)Contingent Contract
- b)Quasi Contract
- c)Anticipatory Contract.
- d)Wagering Contract.
Correct answer is option 'B'. Can you explain this answer?
The contract which are based on principle of equity, justice and good conscience are _______.
a)
Contingent Contract
b)
Quasi Contract
c)
Anticipatory Contract.
d)
Wagering Contract.
|
|
Arun Khanna answered |
A quasi contract is a contract that is created by a court order, not by an agreement made by the parties to the contract. For example, quasi contracts are created by the court when no official agreement exists between the parties, in disputes over payments for goods or services.
The Indian Contract Act deals with the following Quasi –
Contractual Obligations:
(i) Claim for necessaries supplied to a person incompetent to contract
(ii) Responsibility of finder of goods
(iii) Re – imbursement of money paid, due by another
(iv) Obligation of person enjoying benefit of non – gratuitous act - a)(ii) & (iii)
- b)(i) & (ii)
- c)(i), (ii), (iii) & (iv)
- d)(iii) & (iv)
Correct answer is option 'C'. Can you explain this answer?
The Indian Contract Act deals with the following Quasi –
Contractual Obligations:
(i) Claim for necessaries supplied to a person incompetent to contract
(ii) Responsibility of finder of goods
(iii) Re – imbursement of money paid, due by another
(iv) Obligation of person enjoying benefit of non – gratuitous act
Contractual Obligations:
(i) Claim for necessaries supplied to a person incompetent to contract
(ii) Responsibility of finder of goods
(iii) Re – imbursement of money paid, due by another
(iv) Obligation of person enjoying benefit of non – gratuitous act
a)
(ii) & (iii)
b)
(i) & (ii)
c)
(i), (ii), (iii) & (iv)
d)
(iii) & (iv)
|
|
Sahil Malik answered |
Contracts:
1. Supply of necessaries to a person who is incapable of entering into a contract (Section 68)
2. Payment by a person interested in the payment (Section 69)
3. Liability of a person to pay for necessaries supplied to another person whom he is bound to support (Section 70)
4. Reimbursement of a person who is interested in the payment (Section 71)
5. Obligation of a person enjoying benefit of non-gratuitous act (Section 72)
6. Responsibility of finder of goods (Section 71A)
These quasi-contracts are not actual contracts but are treated as such by law to ensure fairness and justice in certain situations.
1. Supply of necessaries to a person who is incapable of entering into a contract (Section 68)
2. Payment by a person interested in the payment (Section 69)
3. Liability of a person to pay for necessaries supplied to another person whom he is bound to support (Section 70)
4. Reimbursement of a person who is interested in the payment (Section 71)
5. Obligation of a person enjoying benefit of non-gratuitous act (Section 72)
6. Responsibility of finder of goods (Section 71A)
These quasi-contracts are not actual contracts but are treated as such by law to ensure fairness and justice in certain situations.
Chapter doubts & questions for Unit 6: Contingent and Quasi Contracts - Business Laws for CA Foundation 2025 is part of CA Foundation exam preparation. The chapters have been prepared according to the CA Foundation exam syllabus. The Chapter doubts & questions, notes, tests & MCQs are made for CA Foundation 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests here.
Chapter doubts & questions of Unit 6: Contingent and Quasi Contracts - Business Laws for CA Foundation in English & Hindi are available as part of CA Foundation exam.
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