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An offer, when accepted, becomes a/an
A Proposal when accepted becomes a promise. In simple words, when an offer is accepted it becomes promise.
If there is no time specified for the delivery of goods, then the goods should be delivered
Which of the following can be classified on the basis of validity or enforceability?
_________ creates rights and obligations between the parties concerned.
Formal contracts are _________ under the Indian law.
Correct Answer :- b
Explanation : A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract.
Therefore, Formal contracts are not recognized under the Indian law.
A partnership firm is
Correct Answer :- c
Explanation :The partnership firm is not regarded as a legal entity, therefore the firm cannot on its own create or enter into any contract. Any Partner authorized by all the partners or all the Partners of the firm shall execute the contract.
Who among the following is competent to enter into a valid contract?
Which of the following is/are not the subject matter of a contract of sale?
Which of the following is a consideration in the sales of goods?
A contract where one of the parties has performed and the performance of the other party is due is called
The person who accepts the proposal is called
When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.
Which of the following acts by partners is not considered as an act done by partnership firm?