Podcast
Questions and Answers
A proposal can be conditionally accepted.
A proposal can be conditionally accepted.
True (A)
A contract with a minor is voidable/invalid.
A contract with a minor is voidable/invalid.
True (A)
A contract can be discharged by operation of law.
A contract can be discharged by operation of law.
True (A)
A voidable contract is a valid contract.
A voidable contract is a valid contract.
A legal tender must be written.
A legal tender must be written.
There is no difference between a void agreement and a voidable contract.
There is no difference between a void agreement and a voidable contract.
Excise Duty is only levied on goods produced in India.
Excise Duty is only levied on goods produced in India.
Customs duty is a direct tax.
Customs duty is a direct tax.
Registration of a factory is not required under the Factories Act.
Registration of a factory is not required under the Factories Act.
Only an owner can sell goods.
Only an owner can sell goods.
Risk passes with ownership as per the law of sale of goods.
Risk passes with ownership as per the law of sale of goods.
A buyer is legally obliged to accept goods if they are assignable.
A buyer is legally obliged to accept goods if they are assignable.
Flashcards
Conditional Acceptance of Proposal
Conditional Acceptance of Proposal
A proposal can be accepted only if certain conditions are met. This is not a complete contract until the conditions are met.
Minor's Contract
Minor's Contract
A contract with a minor is typically voidable or not legally binding, allowing the minor to cancel it.
Contract Discharge by Law
Contract Discharge by Law
A contract's obligations can end due to legal reasons, for example, if the subject matter is destroyed through no fault of the parties.
Voidable vs. Valid Contract
Voidable vs. Valid Contract
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Legal Tender
Legal Tender
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Risk and Ownership in Sale of Goods
Risk and Ownership in Sale of Goods
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Study Notes
True or False Statements
- Some agreements may be conditional.
- Agreements with minors are voidable.
- Laws can relieve contractual obligations.
- Simulated agreements are actual contracts.
- Legal tenders must be written.
- Void agreements and voidable agreements are the same.
- Excise duty is only charged on Indian-made goods.
- Customs duty is a direct tax.
- Factory registration is not always mandated by the Factory Act.
- Only owners can sell goods.
- Risk of goods transfers with ownership.
- Buyers may be forced to accept goods if they are assignable.
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