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Page 1 Which of the following is not an essential requirement of a valid contingent contract? a. Performance must be conditional b. Event must be uncertain c. Event must form part of the contract d. Event must be independent and ancillary The right answer is “C” Page 2 Which of the following is not an essential requirement of a valid contingent contract? a. Performance must be conditional b. Event must be uncertain c. Event must form part of the contract d. Event must be independent and ancillary The right answer is “C” A agrees to pay B INR 10,000 if B’s house is burnt. It is a a. Void b. Voidable c. Illegal d. Valid The right answer is “D” Page 3 Which of the following is not an essential requirement of a valid contingent contract? a. Performance must be conditional b. Event must be uncertain c. Event must form part of the contract d. Event must be independent and ancillary The right answer is “C” A agrees to pay B INR 10,000 if B’s house is burnt. It is a a. Void b. Voidable c. Illegal d. Valid The right answer is “D” A CC depending on the happening of an impossible event is: a. Void b. Voidable c. Illegal d. Valid The right answer is “A” Page 4 Which of the following is not an essential requirement of a valid contingent contract? a. Performance must be conditional b. Event must be uncertain c. Event must form part of the contract d. Event must be independent and ancillary The right answer is “C” A agrees to pay B INR 10,000 if B’s house is burnt. It is a a. Void b. Voidable c. Illegal d. Valid The right answer is “D” A CC depending on the happening of an impossible event is: a. Void b. Voidable c. Illegal d. Valid The right answer is “A” Quasi contract is a: a. A contract b. A legal obligation c. An agreement d. Contingent Contract The right answer is “B” Page 5 Which of the following is not an essential requirement of a valid contingent contract? a. Performance must be conditional b. Event must be uncertain c. Event must form part of the contract d. Event must be independent and ancillary The right answer is “C” A agrees to pay B INR 10,000 if B’s house is burnt. It is a a. Void b. Voidable c. Illegal d. Valid The right answer is “D” A CC depending on the happening of an impossible event is: a. Void b. Voidable c. Illegal d. Valid The right answer is “A” Quasi contract is a: a. A contract b. A legal obligation c. An agreement d. Contingent Contract The right answer is “B” Which of the following are true in the context of Quasi contract: a. There is no real contract in existence b. There is no offer and acceptance c. There is no intention to create contract d. All of the above The right answer is “D”Read More
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FAQs on MCQ - Contingent and Quasi Contract - Business Laws for CA Foundation
| 1. What is a contingent contract? |  |
Ans. A contingent contract is a contract that depends on the occurrence or non-occurrence of a specific event in the future. The rights and obligations of the parties are activated only when the specified event takes place. If the event does not occur, the contract becomes void.
| 2. What is a quasi contract? | |
Ans. A quasi contract is not a contract in the strict sense but is created by law to prevent unjust enrichment. It is an obligation imposed by the law in the absence of a contractual agreement. Quasi contracts are based on the principle of equity and are not formed by the mutual consent of parties like a regular contract.
| 3. What are the major differences between a contingent contract and a quasi contract? | |
Ans. The major differences between a contingent contract and a quasi contract are:
- Contingent Contract: It is a contract that depends on the occurrence or non-occurrence of a specific event. The rights and obligations arise only when the specified event takes place.
- Quasi Contract: It is not a contract in the strict sense but is created by law to prevent unjust enrichment. It is based on the principle of equity and is not formed by the mutual consent of parties.
| 4. What are some examples of contingent contracts? | |
Ans. Some examples of contingent contracts are:
- Insurance contracts: The payment of insurance claims depends on the occurrence of an insured event, such as an accident or a fire.
- Sale of goods contracts: If a specific condition is not met, such as the delivery of goods on a certain date, the contract may become void.
- Employment contracts: The continuation of employment may depend on the successful completion of certain tasks or the achievement of specific targets.
| 5. Can a quasi contract be enforced like a regular contract? | |
Ans. Yes, a quasi contract can be enforced like a regular contract. Even though it is not formed by the mutual consent of parties, it is recognized by law and the courts may enforce it to prevent unjust enrichment. The party who benefited from the quasi contract may be required to compensate the other party for the value received.
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