Contract Law: Revocation and Invalidation of Proposal

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What is a 'void contract' according to the Indian Contract Act, 1872?

A contract that ceases to be enforceable by law

Define 'voidable contract' as per Section 2(i) of the Indian Contract Act, 1872.

An agreement which is enforceable by law at the option of one party but not at the option of the other

What are the essential characteristics that differentiate an agreement from a contract?

Free consent, competency of parties, lawful object, lawful consideration

Explain the concept of 'void contract' in relation to Section 2(i) of the Indian Contract Act, 1872.

A contract that lacks the essential elements to be enforceable by law Signup and view all the answers

What is the main difference between a 'void contract' and a 'voidable contract'?

In a void contract, it ceases to be enforceable by law; in a voidable contract, one party has the option to enforce it. Signup and view all the answers

How can an offer be made in a contract according to the Indian Contract Act, 1872?

An offer may be expressly made or implied by the conduct of the offeror Signup and view all the answers

Give an example of a contract that lacks certainty of meaning.

Example 8: A agrees to sell to B a hundred tons of oil. Signup and view all the answers

Why is an agreement to lease the land for indefinite years not considered valid?

The contract is not valid as the period of lease is not mentioned. Signup and view all the answers

Explain why an agreement to discover treasure by magic cannot be enforced.

It is not possible to be performed. Signup and view all the answers

What is the first essential element of a valid contract?

Offer and Acceptance or an agreement. Signup and view all the answers

According to Section 2(b) of the Indian Contract Act, 1872, what happens when a proposal is accepted?

It becomes a promise. Signup and view all the answers

What is the outcome of offer and acceptance in a contract?

An agreement. Signup and view all the answers

What constitutes acceptance by conduct in contracts?

When a person performs the act intended by the proposer as the consideration for the promise offered by him. Signup and view all the answers

Give an example of acceptance by conduct in a contract involving a tradesman and a customer.

The tradesman receiving an order from a customer and executing it by sending the goods. Signup and view all the answers

Explain the importance of effective communication in contracts.

Effective communication prevents avoidable revocation and misunderstanding between parties. Signup and view all the answers

What is the significance of face-to-face contracting in terms of offer and acceptance?

There is instantaneous communication of offer and acceptance, preventing issues of revocation. Signup and view all the answers

What challenges arise when contracting parties are at a distance from each other?

Utilization of services like post office, telephone, or email for communication. Signup and view all the answers

How does a person giving shoes for polishing constitute acceptance by conduct?

The act of giving shoes for polishing is considered as acceptance by conduct in a contract. Signup and view all the answers