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The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. 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 The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer?.

Solutions for The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. 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 The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The 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. Consideration is the value paid for the promise. Consideration must sufficient but not adequate. Kestle, a famous chocolate manufacturer came out with a promotional scheme for improving the sale of its chocolates. According to the scheme, any person would get a video game in exchange of six wrappers of Kestle chocolate bars. When Ronny found out about this offer, he got very excited. He finished six chocolate bars in one hour and went to the shop to exchange it for a video game. The shopkeeper was not aware of the scheme as there was no intimation from the Company. Ronny then filed a case against the Company on the ground of breach of contract and claimed the video game. Kestle Company asserted that there were not bound by the contract. Decide.a)Kestle will be liable since it has shown consideration by offering video game in exchange of wrappers.b)Kestle will not be liable since six wrappers could not amount to any kind of consideration.c)Kestle will not be liable since it was only a promotional offer and not a binding offer.d)Kestle will be liable since Ronny had acted on the offer given by it.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CLAT tests.