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Nature of Contract Video Lecture | Business Laws for CA Foundation

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FAQs on Nature of Contract Video Lecture - Business Laws for CA Foundation

1. What is the nature of contract in CA Foundation?
Ans. The nature of contract in CA Foundation refers to the fundamental characteristics and features of a contract. It includes the agreement between two or more parties, the intention to create legal relations, the consideration, the capacity of the parties, free consent, legality of object, and certainty and possibility of performance.
2. What is the significance of the nature of contract in CA Foundation?
Ans. The significance of the nature of contract in CA Foundation lies in the fact that it defines the essential elements of a valid contract. It helps to determine the enforceability of a contract and provides a framework for analyzing and resolving disputes arising from a contract.
3. How does the nature of contract affect the validity of an agreement in CA Foundation?
Ans. The nature of contract plays a crucial role in determining the validity of an agreement in CA Foundation. If any of the essential elements, such as free consent, consideration, legality of object, or capacity of the parties, is missing, the agreement may not be considered a valid contract.
4. What are the consequences of a breach of contract in CA Foundation?
Ans. The consequences of a breach of contract in CA Foundation include damages, specific performance, or injunction. Damages refer to the compensation awarded to the injured party for the loss suffered due to the breach of contract. Specific performance is an order by the court to perform the contract as agreed, and injunction is an order by the court to refrain from doing a particular act.
5. How can one avoid a breach of contract in CA Foundation?
Ans. One can avoid a breach of contract in CA Foundation by ensuring that all essential elements of a valid contract are present, such as free consent, consideration, legality of object, or capacity of the parties. It is also essential to have a clear and unambiguous agreement with specific terms and conditions to avoid any misunderstandings or disputes.
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