CA Foundation Exam > CA Foundation Questions > Which of the following statement is true?a)An...
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Which of the following statement is true?
- a)An agreement enforceable by law is a contract
- b)An agreement is an accepted proposal
- c)An agreement can only consist of an offer
- d)An agreement can only consist of an acceptance
Correct answer is 'A,B'. Can you explain this answer?
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Most Upvoted Answer
Which of the following statement is true?a)An agreement enforceable by...
The definition of contract is that "An agreement enforceable by law is a contract" so this option is true and
secondly an agreement is an accepted proposal this is also true both the options are true.
But I thing there should be clarity in options in exam ,only 1 option has to be correct not more than one bcoz in exam students can only mark 1 option in omr sheet..
secondly an agreement is an accepted proposal this is also true both the options are true.
But I thing there should be clarity in options in exam ,only 1 option has to be correct not more than one bcoz in exam students can only mark 1 option in omr sheet..
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Which of the following statement is true?a)An agreement enforceable by...
Agreement and Contract:
An agreement is a mutual understanding between two or more parties regarding their rights and obligations in relation to a particular matter. On the other hand, a contract is a specific type of agreement that is legally enforceable by law.
Explanation of options:
a) An agreement enforceable by law is a contract: This statement is true. A contract is an agreement that is legally enforceable. It means that if any party fails to fulfill their obligations under the contract, the other party can seek legal remedies.
b) An agreement is an accepted proposal: This statement is also true. In order for an agreement to be formed, there must be a proposal made by one party and accepted by the other party. The acceptance of the proposal results in an agreement.
c) An agreement can only consist of an offer: This statement is false. An agreement consists of both an offer and an acceptance. The offer is made by one party, while the acceptance is the agreement to the terms of the offer by the other party.
d) An agreement can only consist of an acceptance: This statement is also false. As mentioned earlier, an agreement consists of both an offer and an acceptance. The offer sets out the terms and conditions, while the acceptance is the agreement to those terms and conditions.
Conclusion:
In conclusion, statements (a) and (b) are true. An agreement enforceable by law is a contract, and an agreement is an accepted proposal. Statements (c) and (d) are false as an agreement consists of both an offer and an acceptance.
An agreement is a mutual understanding between two or more parties regarding their rights and obligations in relation to a particular matter. On the other hand, a contract is a specific type of agreement that is legally enforceable by law.
Explanation of options:
a) An agreement enforceable by law is a contract: This statement is true. A contract is an agreement that is legally enforceable. It means that if any party fails to fulfill their obligations under the contract, the other party can seek legal remedies.
b) An agreement is an accepted proposal: This statement is also true. In order for an agreement to be formed, there must be a proposal made by one party and accepted by the other party. The acceptance of the proposal results in an agreement.
c) An agreement can only consist of an offer: This statement is false. An agreement consists of both an offer and an acceptance. The offer is made by one party, while the acceptance is the agreement to the terms of the offer by the other party.
d) An agreement can only consist of an acceptance: This statement is also false. As mentioned earlier, an agreement consists of both an offer and an acceptance. The offer sets out the terms and conditions, while the acceptance is the agreement to those terms and conditions.
Conclusion:
In conclusion, statements (a) and (b) are true. An agreement enforceable by law is a contract, and an agreement is an accepted proposal. Statements (c) and (d) are false as an agreement consists of both an offer and an acceptance.
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Which of the following statement is true?a)An agreement enforceable by law is a contractb)An agreement is an accepted proposalc)An agreement can only consist of an offerd)An agreement can only consist of an acceptanceCorrect answer is 'A,B'. Can you explain this answer?
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Which of the following statement is true?a)An agreement enforceable by law is a contractb)An agreement is an accepted proposalc)An agreement can only consist of an offerd)An agreement can only consist of an acceptanceCorrect answer is 'A,B'. 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 Which of the following statement is true?a)An agreement enforceable by law is a contractb)An agreement is an accepted proposalc)An agreement can only consist of an offerd)An agreement can only consist of an acceptanceCorrect answer is 'A,B'. 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 Which of the following statement is true?a)An agreement enforceable by law is a contractb)An agreement is an accepted proposalc)An agreement can only consist of an offerd)An agreement can only consist of an acceptanceCorrect answer is 'A,B'. Can you explain this answer?.
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