Direction: The questions given below consist of two statements labele...
Assertion: Existence of a lawful consideration forms an essential condition for a valid contract.
Reason: A contract expressly barred under law is considered to be an invalid contract.
Explanation:
A contract is a legally binding agreement between two or more parties. For a contract to be valid, it must fulfill certain essential elements, one of which is the existence of a lawful consideration. Let's analyze the given assertion and reason separately to understand their correctness and the relationship between them.
Assertion: Existence of a lawful consideration forms an essential condition for a valid contract.
Explanation: Consideration refers to something of value that is exchanged between the parties to a contract. It can be in the form of money, goods, services, promises, or forbearance to act. The presence of consideration distinguishes a contract from a gift or a one-sided promise. In a valid contract, each party must provide consideration to the other party. This means that both parties should derive some benefit or suffer a detriment as a result of the contract. The existence of lawful consideration is crucial to ensure that the parties are mutually bound by their promises and that the contract is enforceable. Therefore, the assertion is true.
Reason: A contract expressly barred under law is considered to be an invalid contract.
Explanation: The reason provided in this statement is also correct. There are certain contracts that are expressly prohibited or barred under the law. For example, contracts to commit illegal activities, contracts against public policy, or contracts entered into by minors may be considered invalid or unenforceable. These contracts are considered to be against the principles of fairness, justice, and public interest. Therefore, the reason is true.
Relationship between Assertion and Reason:
Both the assertion and the reason are true, but the reason does not provide a correct explanation of the assertion. The reason discusses contracts that are expressly barred under the law, whereas the assertion focuses on the essential condition of lawful consideration for a valid contract. While a contract can be invalid if it is expressly prohibited by law, this does not directly relate to the requirement of lawful consideration. Therefore, option 'B' is the correct answer as both the assertion and the reason are true, but the reason does not correctly explain the assertion.
Direction: The questions given below consist of two statements labele...
Both Assertion and Reason are factually true. However, there isn’t any connection between the both.