What does the concept of discharge of a contract by operation of law refer to?

Termination of a contract through mutual agreement

Automatic termination of a contract without the need for specific action by the parties involved

Termination of a contract by a court order

Termination of a contract through mediation

In contract law, when does the impossibility of performance lead to the discharge of a contract by operation of law?

When both parties agree to terminate the contract

When an unforeseen event makes it impossible to fulfill the contract terms

When one party fails to meet their obligations

When the contract reaches its expiration date

What event can cause a contract to be discharged by operation of law if one of the parties passes away or becomes legally incompetent?

Death or insanity of one of the parties

Failure to make timely payments

When does the alteration of contract terms result in the discharge of the original contract without unanimous consent from all parties involved?

When the changes are beneficial to all parties

When the changes are significant and alter the fundamental nature of the contract

When the changes are made by a third party

When the changes are communicated verbally

When does the alteration of a contract potentially lead to its automatic discharge by operation of law?

When all parties agree to the alteration.

When the alteration benefits one party over the others.

When the alteration is significant and made without all parties' consent.

When the alteration is a minor adjustment to the terms.

How can a merger impact the contracts of the companies involved?

Contracts are automatically renewed post-merger.

Contracts are terminated by mutual agreement.

Contracts belonging to the merging companies may be discharged by operation of law.

Contracts are unaffected by the merger process.

What is the purpose of the Indian Contract Act, 1872?

To regulate employment contracts in India

To outline legal provisions governing contracts in India

To establish guidelines for property transactions

To enforce criminal contracts in the Indian legal system

What does the concept of discharge of a contract by operation of law entail in Indian law?

It requires approval from a government authority

It involves the automatic termination of contracts under specific circumstances

It necessitates renegotiation of contract terms

It mandates arbitration for contract disputes resolution

Why is it crucial for individuals and businesses to understand the principles of contract discharge by operation of law in India?

To avoid legal consequences and penalties

To ensure compliance with international laws

To facilitate faster contract termination processes

To maintain clarity and legal compliance in contractual agreements

What role does legal compliance play in contractual agreements under the Indian Contract Act, 1872?

Legal compliance ensures tax benefits for contract parties

Legal compliance helps in avoiding contract disputes and litigations

Legal compliance guarantees financial security for contract parties

Legal compliance simplifies contract termination processes

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