The Indian Contract Act, 1872 is based on the principles of ___ law.

English Common Law

True or False: Every agreement is a contract.

False. An agreement must give rise to a legal obligation to be considered a contract.

In the context of contracts, a proposal is defined as ___ by one party to another.

The willingness to do or abstain from doing something with the intent of obtaining assent

An agreement that is not enforceable by law is referred to as a ___ agreement.

Void

What must be present in an agreement for it to be classified as a contract?

Legal obligation, free consent, competency of parties, lawful consideration, legal object, and not expressly declared to be void.

Fill in the blank: A ___ offer is one made to the entire public.

General

True or False: Acceptance of a proposal must be absolute and unqualified.

True.

What are the essential elements of a valid offer?

It must be clear, communicated to the offeree, create legal relations, and not vague.

Fill in the blank: Consideration must move at the ___ of the promisor.

Desire

True or False: Past consideration is valid under Indian law.

True.

What is the consequence of an agreement made without consideration?

It is void, except under specific exceptions outlined in the Act.

Fill in the blank: An agreement made under coercion is ___ at the option of the aggrieved party.

Voidable

True or False: A promise made on account of natural love and affection requires consideration.

False. It can be valid without consideration if it meets certain conditions.

What is the doctrine of privity of contract?

It states that a stranger to a contract cannot sue upon it.

Fill in the blank: Consent is said to be free when it is not obtained through ___.

Coercion, undue influence, fraud, misrepresentation, or mistake

True or False: A contract involving personal skills is void upon the death of the promisor.

True.

What is meant by anticipatory breach of contract?

It occurs when a promisor indicates that they will not perform their contractual obligations before the performance is due.

True or False: Specific performance can be claimed in all types of contracts.

False. It is typically only granted in cases where damages are insufficient.

What is the effect of a breach of contract?

The aggrieved party may rescind the contract and claim damages.

Fill in the blank: Quantum meruit translates to ___ and allows a party to claim for services rendered.

As much as is earned

True or False: Contracts can only be discharged by performance.

False. Contracts can also be discharged by agreement, lapse of time, operation of law, impossibility of performance, or breach.

What is a quasi-contract?

It is an implied contract that is imposed by law to prevent unjust enrichment.

True or False: Every agreement is a contract if it gives rise to a legal obligation.

False. Not every agreement is a contract; an agreement must give rise to a legal obligation to be considered a contract.

An agreement is void when it is ___ by law.

Not enforceable