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 Nature of Contracts 40 Flashcards |
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What is the primary objective of the Indian Contract Act, 1872? |
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To define and amend certain parts of the law relating to contract. |
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A contract is an agreement that is ______ by law. |
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Enforceable |
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Which is required for a valid contract? |
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B) Lawful object |
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What is the definition of a valid offer according to Indian Contract Act, 1872? |
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An expression of willingness to do or abstain from doing something with the intention of obtaining assent. |
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Fill-in-the-blanks: An agreement that lacks lawful consideration is ______. |
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Void |
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True or False: All agreements are contracts. |
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False. Not all agreements are contracts; only those that are enforceable by law are considered contracts. |
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What type of contract arises when one party has fulfilled their obligation while the other has not? |
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Unilateral contract |
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Fill-in-the-blanks: The essentials of a valid contract include offer, acceptance, ______, and legal capacity. |
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Consideration |
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Which of the following is NOT a type of contract? A) Void contract B) Voidable contract C) Conditional contract D) Executory contract |
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C) Conditional contract |
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True or False: A counter-offer is considered a rejection of the original offer. |
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True. |
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What is the significance of 'free consent' in the formation of a contract? |
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It ensures that all parties agree without coercion, undue influence, or fraud. |
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Fill-in-the-blanks: An offer must be ______, definite, and capable of being accepted. |
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Certain |
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According to Section 4 of the Indian Contract Act, when is the communication of an offer complete? |
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When it comes to the knowledge of the person to whom it is made. |
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Which type of contract is formed when the parties have completed their obligations? |
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Executed contract |
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True or False: Acceptance can be implied through conduct. |
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True. |
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According to Section 5 of the Indian Contract Act, when can an offer be revoked? |
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Before the communication of acceptance is complete as against the proposer. |
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Which is NOT a valid way to revoke an offer? |
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C) Offeree's death |
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Which type of contract is not formed by mutual agreement but is imposed by law to prevent unjust enrichment? |
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Quasi-contract |
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Which type of offer is made to the public at large and can be accepted by anyone who fulfills the conditions? |
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General offer |
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Which type of contract is valid in substance but cannot be enforced due to technical issues? |
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Unenforceable contract |
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