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Mind Map: Nature of Contracts | Business Laws for CA Foundation PDF Download
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FAQs on Mind Map: Nature of Contracts - Business Laws for CA Foundation
| 1. What is the definition of a contract in the context of business law? |  |
Ans. A contract is a legally enforceable agreement between two or more parties that creates mutual obligations. It typically involves an offer, acceptance, consideration (something of value exchanged), and a mutual intent to enter into the agreement.
| 2. What are the essential elements required for a contract to be valid? | |
Ans. The essential elements required for a contract to be valid include:
1. Offer: One party must propose a deal.
2. Acceptance: The other party must agree to the terms of the offer.
3. Consideration: There must be something of value exchanged between the parties.
4. Capacity: Parties must have the legal ability to enter into a contract.
5. Legality: The contract's purpose must be lawful.
| 3. Can a contract be voided, and if so, under what circumstances? | |
Ans. Yes, a contract can be voided under several circumstances, including:
1. Lack of capacity: If one party is a minor or mentally incapacitated.
2. Duress: If one party was forced to enter into the contract under threat.
3. Misrepresentation: If false information was provided that induced one party to enter the contract.
4. Illegality: If the contract involves illegal activities.
| 4. What is the significance of consideration in a contract? | |
Ans. Consideration is crucial in a contract as it represents the value exchanged between the parties, which can be in the form of money, services, or goods. It ensures that both parties have something to gain from the agreement, making the contract enforceable. Without consideration, a contract may be deemed void.
| 5. How does the concept of capacity affect contract formation? | |
Ans. The concept of capacity affects contract formation by determining whether the parties involved have the legal ability to enter into a contract. For a contract to be valid, parties must be of legal age, sound mind, and not under the influence of drugs or alcohol. If a party lacks capacity, the contract may be voidable at their discretion.
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