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An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is a
- a)valid contract
- b)void contract
- c)voidable contract
- d)illegal contract
Correct answer is option 'C'. Can you explain this answer?
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An agreement which is enforceable by law at the option of one or more ...
Explanation:
A contract is a legally binding agreement between two or more parties. In order to be enforceable by law, a contract must have certain elements such as offer, acceptance, consideration, and intention to create legal relations.
A void contract is one that is not enforceable from the beginning, for example, a contract to do something illegal. A voidable contract is one that is valid but can be voided by one or more parties due to some legal defect, such as fraud or mistake.
In contrast, an agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is a voidable contract. This means that one or more parties have the option to enforce the contract, but the other party does not have the same option. For example, if Party A enters into a contract with Party B and Party A can enforce the contract, but Party B cannot, then the contract is voidable.
Examples of voidable contracts include contracts entered into by a minor, contracts entered into under duress or undue influence, and contracts entered into by a person who lacked mental capacity at the time of entering into the contract.
In conclusion, a voidable contract is an agreement that is enforceable by law at the option of one or more parties, but not at the option of others due to some legal defect. It is important to note that voidable contracts are still valid contracts until they are voided by the party with the option to do so.
A contract is a legally binding agreement between two or more parties. In order to be enforceable by law, a contract must have certain elements such as offer, acceptance, consideration, and intention to create legal relations.
A void contract is one that is not enforceable from the beginning, for example, a contract to do something illegal. A voidable contract is one that is valid but can be voided by one or more parties due to some legal defect, such as fraud or mistake.
In contrast, an agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is a voidable contract. This means that one or more parties have the option to enforce the contract, but the other party does not have the same option. For example, if Party A enters into a contract with Party B and Party A can enforce the contract, but Party B cannot, then the contract is voidable.
Examples of voidable contracts include contracts entered into by a minor, contracts entered into under duress or undue influence, and contracts entered into by a person who lacked mental capacity at the time of entering into the contract.
In conclusion, a voidable contract is an agreement that is enforceable by law at the option of one or more parties, but not at the option of others due to some legal defect. It is important to note that voidable contracts are still valid contracts until they are voided by the party with the option to do so.
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An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is aa)valid contractb)void contractc)voidable contractd)illegal contractCorrect answer is option 'C'. Can you explain this answer?
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An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is aa)valid contractb)void contractc)voidable contractd)illegal contractCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is aa)valid contractb)void contractc)voidable contractd)illegal contractCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is aa)valid contractb)void contractc)voidable contractd)illegal contractCorrect answer is option 'C'. Can you explain this answer?.
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