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A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?
- a)No, as the consideration was inadequate A cancelled the contract
- b)Yes, A is liable to pay damages to B for failure to carry out his part of the contract
- c)No, as the contract was made due to Undue Influence
- d)Any of the above
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
A who was badly in need of money offered to sell his piano worth Rs. 8...
Explanation:
The given scenario involves a contract between A and B for the sale of a piano. A offered to sell his piano to B for Rs. 5,000, but B refused. A gradually lowered the price until B accepted the offer of Rs. 2,500. However, before the piano was delivered, A received a better offer from X and refused to carry out the contract with B.
Consideration:
One of the essential elements of a contract is consideration, which refers to something of value that is exchanged between the parties. In this case, the consideration was the sale of the piano for Rs. 2,500. This was a valid consideration, and both parties agreed to it.
Breach of Contract:
A breached the contract by refusing to carry out his part of the agreement with B. A claimed that the consideration was inadequate, but this is not a valid reason to cancel the contract. A had already agreed to the price of Rs. 2,500, and B had accepted the offer. A cannot simply back out of the agreement because he received a better offer.
Damages:
B can claim damages from A for the breach of the contract. Damages refer to the compensation that B is entitled to for the losses suffered due to A's failure to carry out his part of the agreement. In this case, B can claim the difference between the agreed-upon price of Rs. 2,500 and the cost of purchasing a similar piano from another seller.
Conclusion:
Therefore, the correct answer is option B. A is liable to pay damages to B for his failure to carry out his part of the contract. The consideration was valid, and A cannot back out of the agreement simply because he received a better offer.
The given scenario involves a contract between A and B for the sale of a piano. A offered to sell his piano to B for Rs. 5,000, but B refused. A gradually lowered the price until B accepted the offer of Rs. 2,500. However, before the piano was delivered, A received a better offer from X and refused to carry out the contract with B.
Consideration:
One of the essential elements of a contract is consideration, which refers to something of value that is exchanged between the parties. In this case, the consideration was the sale of the piano for Rs. 2,500. This was a valid consideration, and both parties agreed to it.
Breach of Contract:
A breached the contract by refusing to carry out his part of the agreement with B. A claimed that the consideration was inadequate, but this is not a valid reason to cancel the contract. A had already agreed to the price of Rs. 2,500, and B had accepted the offer. A cannot simply back out of the agreement because he received a better offer.
Damages:
B can claim damages from A for the breach of the contract. Damages refer to the compensation that B is entitled to for the losses suffered due to A's failure to carry out his part of the agreement. In this case, B can claim the difference between the agreed-upon price of Rs. 2,500 and the cost of purchasing a similar piano from another seller.
Conclusion:
Therefore, the correct answer is option B. A is liable to pay damages to B for his failure to carry out his part of the contract. The consideration was valid, and A cannot back out of the agreement simply because he received a better offer.
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A who was badly in need of money offered to sell his piano worth Rs. 8...
As both A and B have entered into the contract when B accepts the offer and now is liable as he has breached the contract.
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A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer?
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A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer?.
A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer?.
Solutions for A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?a)No, as the consideration was inadequate A cancelled the contractb)Yes, A is liable to pay damages to B for failure to carry out his part of the contractc)No, as the contract was made due to Undue Influenced)Any of the aboveCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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