CA Foundation Exam > CA Foundation Questions > An agreement which is enforceable by law at t...
Start Learning for Free
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?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
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.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
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?
Question Description
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?.
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?.
Solutions 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? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup