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Consideration: Business Law Video Lecture | Business Law - B Com

FAQs on Consideration: Business Law Video Lecture - Business Law - B Com

1. What are the key elements of a legally binding contract?

Ans. A legally binding contract requires four essential elements: mutual assent (offer and acceptance), consideration (something of value exchanged), capacity (legal ability to enter into a contract), and legality (the contract's purpose must be legal). Without these elements, a contract may not be enforceable in a court of law.

2. How does consideration work in contract law?

Ans. Consideration refers to the value that is exchanged between parties in a contract. It can be a payment, a service, or an agreement to refrain from a particular action. For a contract to be valid, consideration must be present; it demonstrates that both parties have agreed to the terms and are committed to fulfilling their obligations.

3. What is the difference between an express contract and an implied contract?

Ans. An express contract is one where the terms are clearly stated, either orally or in writing, leaving no room for ambiguity. An implied contract, on the other hand, is formed by the actions or circumstances of the parties involved, even if there is no explicit agreement. Both types of contracts are enforceable under the law.

4. What remedies are available for breach of contract?

Ans. Remedies for breach of contract typically include damages (monetary compensation for losses), specific performance (a court order requiring the breaching party to fulfill their obligations), and rescission (cancellation of the contract). The choice of remedy depends on the nature of the breach and the specific circumstances surrounding the case.

5. Can minors enter into contracts, and what are the implications?

Ans. Minors generally have limited capacity to enter into contracts, meaning that contracts with minors are often voidable at the minor's discretion. This means that a minor can choose to affirm or void the contract upon reaching the age of majority. However, contracts for essential items, such as food and shelter, may be enforceable.

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Oct 18, 2025 Last updated

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	Business Law 30 videos\|99 docs\|17 tests

Business Law

30 videos|99 docs|17 tests

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