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Test: Law of Contracts: Meaning, Nature and Important Definitions - Judiciary Exams MCQ


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25 Questions MCQ Test Civil Law for Judiciary Exams - Test: Law of Contracts: Meaning, Nature and Important Definitions

Test: Law of Contracts: Meaning, Nature and Important Definitions for Judiciary Exams 2024 is part of Civil Law for Judiciary Exams preparation. The Test: Law of Contracts: Meaning, Nature and Important Definitions questions and answers have been prepared according to the Judiciary Exams exam syllabus.The Test: Law of Contracts: Meaning, Nature and Important Definitions MCQs are made for Judiciary Exams 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Law of Contracts: Meaning, Nature and Important Definitions below.
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Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 1
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What is the central characteristic of a contract according to the Indian Contract Act?

Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 1
According to the Indian Contract Act, a contract is defined as an agreement that is legally enforceable. This means that the parties involved are bound by law to fulfill the terms and conditions agreed upon. In essence, the enforceability aspect ensures that if one party fails to fulfill its obligations as per the contract, the other party can seek legal remedies. This legal aspect provides a framework for trust and reliability in business transactions.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 2
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What is the key element that constitutes a contract under the Indian Contract Act?

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In the context of the Indian Contract Act, a contract is formed by the coming together of two essential elements: agreement and enforceability. The agreement signifies the mutual consent and understanding between the parties involved, while enforceability ensures that the terms of the agreement can be legally enforced. This combination is fundamental for the creation of a valid contract that is binding on the parties. The enforceability aspect provides a legal framework that safeguards the interests of all parties involved and ensures that the agreed-upon terms are honored.
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Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 3
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According to Section 2(e) of the Indian Contract Act, how is an agreement defined?

Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 3
An agreement, as per Section 2(e) of the Indian Contract Act, is defined as "Every promise and every set of promises, forming the consideration for each other, is an agreement." This definition emphasizes the core concept that agreements are essentially built on promises and considerations exchanged between parties, forming the basis of contractual relationships.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 4
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In the case of Balfour Vs Balfour [1919] 2 KB 571, why did the court rule that Mr. Balfour's promise to send money to his wife was not a legally binding contract?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 4
The court ruled in the case of Balfour Vs Balfour [1919] 2 KB 571 that Mr. Balfour's promise to send money to his wife was not a legally binding contract primarily because there was no intention to create a legal relationship from either party's side. Despite the promise made, the court found that the essential element of mutual intent to enter into a legal agreement was lacking, leading to the determination that no binding contract existed between the parties.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 5
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What characterizes agreements that are considered voidable under the law?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 5
Voidable agreements are those that can be enforced by law, but one of the parties involved has the option to either void or enforce the agreement. This provides a safeguard for individuals who may have been coerced or misled into an agreement, allowing them the choice to uphold or reject the terms.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 6
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What distinguishes illegal agreements from other types of agreements in terms of enforceability?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 6
Illegal agreements are unique because they are against the law, making them not enforceable by legal means. This distinct characteristic sets them apart from other types of agreements that may involve issues such as technicalities or coercion. It is crucial to understand the legal implications of engaging in agreements that go against established laws to avoid legal consequences.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 7
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What type of promise is made when an offer or acceptance is communicated in words?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 7
An express promise is made when an offer or acceptance is communicated in words. This type of promise is explicitly stated and clearly articulated, leaving no room for ambiguity. For example, when parties negotiate and agree on specific terms verbally or in writing, they are making an express promise. This form of promise is fundamental in contract law and serves as a cornerstone for ensuring clear communication and understanding between parties.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 8
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What do you call promises that are the consideration for each other according to the Indian Contract Act?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 8
Reciprocal promises, as defined by the Indian Contract Act, refer to promises that are the consideration for each other. In other words, these promises are interdependent and form the basis of a mutual agreement between parties involved in a contract. Understanding reciprocal promises is crucial in contract law as they establish the framework for the exchange of something of value between parties, leading to a binding contractual relationship.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 9
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What is the primary purpose of consideration in a contract according to the Indian Contract Act?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 9
Consideration in a contract, as mandated by the Indian Contract Act, serves the fundamental purpose of ensuring that both parties involved fulfill their respective obligations. This mutual exchange of value, whether in the form of promises or actions, is crucial for the contract to be legally binding. It signifies that each party is giving something of value in return for what they receive, thereby establishing a fair and enforceable agreement.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 10
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Which of the following statements about consideration under the Indian Contract Act is true?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 10
In accordance with the Indian Contract Act, one of the essential aspects of consideration is that it must be real and lawful. This means that the consideration exchanged must have a genuine value and legality to support the validity of the contract. Any consideration that is unlawful or lacks substance may render the contract void or unenforceable. The requirement for consideration to be real and lawful ensures the integrity and legitimacy of contractual agreements under Indian contract law.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 11
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What defines consideration in a contract?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 11

Consideration in a contract is defined as an act done at the desire of the promisor. This means that when the promisee or any other person acts upon the desire of the promisor, it constitutes valid consideration. This principle emphasizes the importance of actions or promises made based on the request or desire of the promisor for a contract to be legally binding.

Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 12
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In the case example provided, Kedarnath Bhattacharji Vs Gorie Mahomed (1887) ILR 14 Cal 64, why was the defendant held bound by his promise to contribute to the construction of the Town Hall despite later refusing to pay?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 12
In the case of Kedarnath Bhattacharji Vs Gorie Mahomed (1887) ILR 14 Cal 64, the defendant was held bound by his promise to contribute to the construction of the Town Hall despite later refusing to pay because the court ruled that any act done at the promisor's request fulfills consideration in a contract. This legal principle underscores the significance of actions taken based on the promisor's desire or request in establishing valid consideration within a contractual agreement.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 13
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What type of contract involves two parties who are mutually obligated to perform or abstain from actions?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 13
Bilateral contracts involve two parties who are mutually obligated to perform or abstain from actions. In a bilateral contract, both parties make promises to each other. This type of contract is like a two-way street where both parties have responsibilities and obligations.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 14
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Which type of contract is based on an unforeseen event, such as insurance policies covering accidents or natural disasters?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 14
Aleatory contracts are based on an unforeseen event where both parties share the risk. An example of an aleatory contract is an insurance policy covering accidents or natural disasters. In such contracts, the occurrence of an uncertain event determines the parties' rights and obligations.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 15
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What type of contract involves a promise from one party only, such as rewards for finding lost items where only the finder is bound by the promise?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 15
Unilateral Contracts involve a promise from one party only, where one party is bound by the promise made. An example of a unilateral contract is a reward for finding a lost item, where only the finder is obligated to act upon the promise.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 16
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Which type of contract has clear terms either in writing or verbally, leaving no room for ambiguity?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 16
Express Contracts are agreements with clear terms that can be either written or verbal, ensuring there is no ambiguity regarding the obligations of each party involved. These contracts leave no room for misinterpretation as the terms are explicitly stated.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 17
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What defines a voidable contract?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 17
In a voidable contract, one party is legally bound to the contract terms while the other party has the option to void or enforce the contract. An example could be a contract signed under duress, where one party was forced into the agreement. This provides the affected party with the choice to either continue with the contract or to void it based on the circumstances.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 18
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What characterizes a general offer?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 18
A general offer is not directed to a specific individual but rather to the public at large or to anyone capable of understanding and accepting the offer. This type of offer is open for acceptance by anyone who meets the conditions specified in the offer. An example could be a reward for the safe return of a lost item, where anyone who fulfills the conditions can claim the reward.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 19
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What term best describes an offer extended not to a specific person but to the public at large or anyone capable of understanding and accepting the offer?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 19
A general offer is an offer extended not to a specific person but to the public at large or anyone capable of understanding and accepting the offer. It is a common form of offer used in various legal contexts to reach a wide audience rather than targeting a specific individual or group. This type of offer can be accepted by anyone who meets the conditions set forth in the offer.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 20
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In a proposal under the Indian Contract Act, 1872, who is the individual making the offer or proposal referred to as?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 20
In a proposal under the Indian Contract Act, 1872, the individual making the offer or proposal is referred to as the "promisor" or the "offeror." The promisor/offerror expresses willingness to either do or not do something, seeking the consent of the other party to proceed with the intended action or inaction. This distinction is crucial in understanding the dynamics of contractual agreements and the roles of the involved parties.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 21
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What action by a buyer signifies the making of an offer in the scenario?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 21

In the context provided, when a buyer expresses willingness to purchase goods at the price listed on a tag, they are making an offer to buy. This action signifies the buyer's intention to enter into a contractual agreement with the shopkeeper. It's important to understand the distinction between an invitation to treat and making an offer to ensure clarity in legal transactions.

Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 22
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In the case of Carlill v. Carbolic Smoke Ball Company, what was the key legal principle highlighted by the court regarding contracts formed under a mutual mistake of fact?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 22
The key legal principle highlighted by the court in the case of Carlill v. Carbolic Smoke Ball Company regarding contracts formed under a mutual mistake of fact is that when parties enter into a contract under a mutual mistake of fact, the contract is considered void from the beginning. This means that the contract is essentially nullified as if it never existed, and any earnest money involved cannot be forfeited due to the mutual mistake of fact.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 23
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In the Carlill v. Carbolic Smoke Ball Company case, what action led the court to determine that a contract was formed between Mrs. Carlill and the company?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 23
In the Carlill v. Carbolic Smoke Ball Company case, the court determined that a contract was formed between Mrs. Carlill and the company when Mrs. Carlill purchased and used the smoke balls according to the advertisement. By accepting the offer outlined in the advertisement and fulfilling the conditions specified, Mrs. Carlill demonstrated her acceptance of the offer, leading to the formation of a legally binding contract between her and the company.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 24
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What was the key outcome of the case of Carlill v. Carbolic Smoke Ball Company in 1887?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 24
In the case of Carlill v. Carbolic Smoke Ball Company, the key outcome was that Mrs. Carlill was awarded £100 as the court ruled in her favor for falling ill despite using the smoke balls correctly. This case is significant in contract law as it established the principle of unilateral contracts and acceptance by performance.
Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 25
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What legal consequence arises when parties enter into a contract under a mutual mistake of fact?
Detailed Solution for Test: Law of Contracts: Meaning, Nature and Important Definitions - Question 25
When parties enter into a contract under a mutual mistake of fact, the legal consequence is that the contract is considered void from the beginning. This means that the contract is not valid and the parties are not bound by its terms due to the misunderstanding or mistake made at the time of entering into the agreement.
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