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Law of contract, Business Law Video Lecture | Business Law - B Com
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FAQs on Law of contract, Business Law Video Lecture - Business Law - B Com
| 1. What is the law of contract? |  |
Ans. The law of contract is a set of rules that governs the legal relationships between parties who enter into an agreement. It is a branch of business law that defines and enforces the rights and obligations of parties to a contract. The law of contract provides a framework for parties to create legally binding agreements, and it sets out the consequences of breaching those agreements.
| 2. What are the elements of a valid contract? | |
Ans. For a contract to be valid, it must have four essential elements: offer, acceptance, consideration, and intention to create legal relations. An offer is a proposal made by one party to another, which must be clear and specific. Acceptance is the agreement to the terms of the offer, which must be unconditional and communicated to the offeror. Consideration is the exchange of something of value, such as money, goods, or services. Finally, both parties to the contract must have the intention to create a legally binding agreement.
| 3. What is a breach of contract? | |
Ans. A breach of contract occurs when one party fails to fulfill their obligations under the terms of a contract. This can take many forms, such as failing to deliver goods or services, failing to pay for goods or services, or failing to meet deadlines. When a breach of contract occurs, the innocent party may be entitled to damages or specific performance, which is a court order requiring the breaching party to fulfill their obligations under the contract.
| 4. What is the difference between a void contract and a voidable contract? | |
Ans. A void contract is one that is not legally enforceable from the outset. This may be because the contract is illegal or against public policy, or because one of the essential elements of a valid contract is missing. A voidable contract, on the other hand, is one that is initially legally binding but may be voided by one of the parties due to some defect in the contract, such as fraud, misrepresentation, or duress.
| 5. What remedies are available for a breach of contract? | |
Ans. When a breach of contract occurs, the innocent party may be entitled to various remedies depending on the circumstances. The most common remedy is damages, which are monetary compensation for the losses suffered as a result of the breach. Other possible remedies include specific performance, which is a court order requiring the breaching party to fulfill their obligations under the contract, and injunctions, which are court orders prohibiting the breaching party from doing something that would cause further harm to the innocent party.
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