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Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer?.

Solutions for Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts. Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.

Here you can find the meaning of Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.Ramaswami proposed to sell his house to Ramanathan. Ramanathan sent his acceptance by post. Next day, Ramanathan sent a telegram withdrawing his acceptance. The telegram of revocation of acceptance was received by Ramaswami before the letter of acceptance.In the light of the above situation, examine the validity of the acceptance according to the Indian Contract Act, 1872.a)Acceptance by Ramanathan (the acceptor) is valid because Ramanathan already sent the acceptance to Ramaswami (the acceptor) from his end.b)Acceptance by Ramanathan (the acceptor) is not valid because Ramaswami received the telegram of revocation prior to the letter of acceptance.c)Acceptance by Ramanathan (the acceptor) is valid because Ramaswami has made his mind to sell the house to Ramanathan.d)Acceptance by Ramanathan (the acceptor) is not valid because Ramanathan has not given consideration in cash or kind.Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Humanities/Arts tests.