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Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Passage - 2The law of contract lays down the legal rules relating to promises: their formation, their performance, and their enforceability. Explaining the object of contract, Sir William Anson observes: “The law of contract is intended to ensure that what a man has led to expect shall come to pass; that what has been promised to him shall be performed.”The law relating to contract defines it as ‘An agreement which is enforceable by law is a Contract’. An agreement is a promise and a promise is an accepted proposal. Thus every agreement is made up of a proposal or offer from one side and its acceptance by the other. There must be a lawful offer and acceptance for the formation of an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the contract act in relation thereto.Another important essential of a contract is Intention to create a legal relationship. There must be a clear intention among the parties that the agreement should be attached by legal consequences and create a legal obligation. Lawful Consideration and competent parties are other important essential ingredients of contract.Free consent is one of the most important essential ingredients of a contract. Section 14 of the Act defined the term free consent as follows- “consent is said to be free when it is not caused by coercion, undue influence, fraud, misrepresentation or mistake.Contracts play a very important role in the day-to-day life of every person. Contracts or agreements between various parties are framed and validate by the Contract Act. So for the formation of a contract, the above-given conditions must be fulfilled by the parties.Q.Keeping silence as to facts which can affect the will of a contracting party is not fraud unless it is the duty of the person to speak the facts in the given circumstances. A and B are traders in food grains. B wants to buy a thousand tonnes of wheat from A. A has private information that the prices of wheat will fall heavily next week. He did not tell this to B because he fears B will not enter into the agreement. After making the purchase, B suffers a huge loss the next week, and he comes to know that A, despite knowing the facts of the market, sold him such a huge quantity of wheat. He files a suit against A alleging fraud on his part and prayed to the court that the contract be declared voidable at his option. Decide.a)Keeping silent on A’s part would amount to fraud; hence, the contract is voidable.b)A’s action is fraudulent. He has to make good the loss suffered by B.c)A is not liable as he is not duty bound to tell B the truth.d)A has not followed business ethics, and thus, he is liable.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CLAT tests.