16 Questions
What is the definition of a contract according to section 2(h)?
An agreement enforceable by law
What is the key element of an agreement according to section 2(e)?
Consideration
Which type of contract is valid unless avoided by either party?
Voidable contract
What happens if any one condition of a contract is not fulfilled?
It becomes void
What creates only legal obligations between the parties?
Agreement
What type of contract is forbidden by law?
Illegal contract
What is a contract that is valid but becomes void due to a technical defect such as lack of registration or signature?
Unenforceable contract
In which case do both parties make identical offers to each other in ignorance of the other's offer?
Cross offer
What type of offer is made when it is given to a specific person?
Express offer
What type of contract involves one party performing their obligation while the other party is yet to perform their obligation?
Unilateral contract
What type of offer is given to the entire world at large?
General offer
What kind of contract is imposed on a party by law even though it was not actually entered into by the parties?
Quasi contract
What type of offer remains continuously enforceable for a certain period of time?
Standing offer
In which case does a person desire modification of the terms of the offer instead of accepting the original terms?
Counter offer
When does an implied offer occur?
When the offer is inferred from the acts or circumstances of a particular case.
What type of contract involves both parties having performed their obligations?
Bilateral contract
Test your knowledge of contract law basics with this quiz covering the definitions of contract, agreement, and promise according to section 2 of the law. Explore the concepts of offer, acceptance, and consideration in forming a valid contract.
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