Podcast
Questions and Answers
What is the term used for a person's willingness to do or abstain from doing something to obtain the assent of another person?
What is the term used for a person's willingness to do or abstain from doing something to obtain the assent of another person?
What is the main governing law relating to contracts in India?
What is the main governing law relating to contracts in India?
What is the term used for an agreement that is not enforceable by law?
What is the term used for an agreement that is not enforceable by law?
According to the Indian Contract Act, what becomes a promise when accepted?
According to the Indian Contract Act, what becomes a promise when accepted?
Signup and view all the answers
Which term refers to every promise and every set of promises, forming the consideration for each other?
Which term refers to every promise and every set of promises, forming the consideration for each other?
Signup and view all the answers
What is an agreement enforceable by law called under the Indian Contract Act?
What is an agreement enforceable by law called under the Indian Contract Act?
Signup and view all the answers
What is the primary difference between an agreement and a contract?
What is the primary difference between an agreement and a contract?
Signup and view all the answers
What is the essential element of a valid contract related to the number of parties involved?
What is the essential element of a valid contract related to the number of parties involved?
Signup and view all the answers
Which of the following is an essential element of a valid contract?
Which of the following is an essential element of a valid contract?
Signup and view all the answers
According to the Indian Contract Act, what is the term used for an agreement that is enforceable by law?
According to the Indian Contract Act, what is the term used for an agreement that is enforceable by law?
Signup and view all the answers
What is the term used for an agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others?
What is the term used for an agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others?
Signup and view all the answers
What does every contract have that every agreement does not?
What does every contract have that every agreement does not?
Signup and view all the answers
What must an agreement give rise to in order to become a contract, according to the text?
What must an agreement give rise to in order to become a contract, according to the text?
Signup and view all the answers
Which element distinguishes an agreement from a contract?
Which element distinguishes an agreement from a contract?
Signup and view all the answers
What is the primary difference between the scope of an agreement and that of a contract?
What is the primary difference between the scope of an agreement and that of a contract?
Signup and view all the answers
What is an essential element of a valid contract related to the competency of the parties involved?
What is an essential element of a valid contract related to the competency of the parties involved?
Signup and view all the answers
In the context of the Indian Contract Act, 1872, what is the term used for every promise and every set of promises, forming the consideration for each other?
In the context of the Indian Contract Act, 1872, what is the term used for every promise and every set of promises, forming the consideration for each other?
Signup and view all the answers
According to the Indian Contract Act, 1872, what is the term used for an agreement that is not enforceable by law?
According to the Indian Contract Act, 1872, what is the term used for an agreement that is not enforceable by law?
Signup and view all the answers
What becomes a promise when accepted according to the Indian Contract Act, 1872?
What becomes a promise when accepted according to the Indian Contract Act, 1872?
Signup and view all the answers
In the context of the Indian Contract Act, 1872, what is the term used for an agreement enforceable by law?
In the context of the Indian Contract Act, 1872, what is the term used for an agreement enforceable by law?
Signup and view all the answers
What is the term used for a person's willingness to do or abstain from doing something to obtain the assent of another person, as per the Indian Contract Act, 1872?
What is the term used for a person's willingness to do or abstain from doing something to obtain the assent of another person, as per the Indian Contract Act, 1872?
Signup and view all the answers
What is the term used for an agreement that is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, under the Indian Contract Act, 1872?
What is the term used for an agreement that is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, under the Indian Contract Act, 1872?
Signup and view all the answers
Which statement is true regarding the relationship between agreements and contracts?
Which statement is true regarding the relationship between agreements and contracts?
Signup and view all the answers
What element distinguishes an agreement from a contract?
What element distinguishes an agreement from a contract?
Signup and view all the answers
What must an agreement give rise to in order to become a contract, according to the text?
What must an agreement give rise to in order to become a contract, according to the text?
Signup and view all the answers
Which element is NOT an essential element of a valid contract?
Which element is NOT an essential element of a valid contract?
Signup and view all the answers
Which term refers to a person's willingness to do or abstain from doing something to obtain the assent of another person?
Which term refers to a person's willingness to do or abstain from doing something to obtain the assent of another person?
Signup and view all the answers
According to the Indian Contract Act, 1872, what is the term used for an agreement that is enforceable by law at the option of one or more parties, but not at the option of the other or others?
According to the Indian Contract Act, 1872, what is the term used for an agreement that is enforceable by law at the option of one or more parties, but not at the option of the other or others?
Signup and view all the answers
What becomes a promise when accepted according to the Indian Contract Act, 1872?
What becomes a promise when accepted according to the Indian Contract Act, 1872?
Signup and view all the answers
What is the main governing law relating to contracts in India?
What is the main governing law relating to contracts in India?
Signup and view all the answers
What is the primary difference between the scope of an agreement and that of a contract?
What is the primary difference between the scope of an agreement and that of a contract?
Signup and view all the answers
Which statement accurately describes the elements of a valid contract under Section 10 of the Indian Contract Act?
Which statement accurately describes the elements of a valid contract under Section 10 of the Indian Contract Act?
Signup and view all the answers
What does the Indian Contract Act, 1872 govern?
What does the Indian Contract Act, 1872 govern?
Signup and view all the answers
According to the Indian Contract Act, 1872, what is the term used for an agreement not enforceable by law?
According to the Indian Contract Act, 1872, what is the term used for an agreement not enforceable by law?
Signup and view all the answers
What term is used for a person's willingness to do or abstain from doing something to obtain the assent of another person, as per the Indian Contract Act, 1872?
What term is used for a person's willingness to do or abstain from doing something to obtain the assent of another person, as per the Indian Contract Act, 1872?
Signup and view all the answers
According to the Indian Contract Act, what is the term used for every promise and every set of promises, forming the consideration for each other?
According to the Indian Contract Act, what is the term used for every promise and every set of promises, forming the consideration for each other?
Signup and view all the answers
What term is used for an agreement enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, under the Indian Contract Act, 1872?
What term is used for an agreement enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others, under the Indian Contract Act, 1872?
Signup and view all the answers
In the context of the Indian Contract Act, 1872, what becomes a promise when accepted?
In the context of the Indian Contract Act, 1872, what becomes a promise when accepted?
Signup and view all the answers
What is the primary difference between an agreement and a contract, according to the Indian Contract Act?
What is the primary difference between an agreement and a contract, according to the Indian Contract Act?
Signup and view all the answers
Which element is NOT an essential element of a valid contract, as per Section 10 of the Indian Contract Act?
Which element is NOT an essential element of a valid contract, as per Section 10 of the Indian Contract Act?
Signup and view all the answers
What becomes a promise when accepted according to the Indian Contract Act, 1872?
What becomes a promise when accepted according to the Indian Contract Act, 1872?
Signup and view all the answers
What is the term used for a person's willingness to do or abstain from doing something to obtain the assent of another person, as per the Indian Contract Act, 1872?
What is the term used for a person's willingness to do or abstain from doing something to obtain the assent of another person, as per the Indian Contract Act, 1872?
Signup and view all the answers
Which statement accurately describes the elements of a valid contract under Section 10 of the Indian Contract Act?
Which statement accurately describes the elements of a valid contract under Section 10 of the Indian Contract Act?
Signup and view all the answers
What is the essential element of a valid contract related to the competency of the parties involved?
What is the essential element of a valid contract related to the competency of the parties involved?
Signup and view all the answers
According to the Indian Contract Act, what is the term used for an agreement that is enforceable by law?
According to the Indian Contract Act, what is the term used for an agreement that is enforceable by law?
Signup and view all the answers
What must an agreement give rise to in order to become a contract, according to the Indian Contract Act, 1872?
What must an agreement give rise to in order to become a contract, according to the Indian Contract Act, 1872?
Signup and view all the answers
What is the term used for every promise and every set of promises, forming the consideration for each other?
What is the term used for every promise and every set of promises, forming the consideration for each other?
Signup and view all the answers
What is the term used for an agreement that is not enforceable by law?
What is the term used for an agreement that is not enforceable by law?
Signup and view all the answers
Study Notes
Contract Act Basics
- The Indian Contract Act, 1872 is the main governing law relating to contracts in India.
Agreement vs. Contract
- An agreement becomes a contract when it is enforceable by law.
- The primary difference between an agreement and a contract is that a contract is enforceable by law, whereas an agreement may not be.
- Every contract is an agreement, but not every agreement is a contract.
Essential Elements of a Valid Contract
- There must be at least two parties involved.
- The parties involved must be competent to contract.
- There must be consideration for each other.
- The agreement must be enforceable by law.
Key Contract Terms
- Proposal and acceptance lead to a promise.
- A set of promises forming consideration for each other is called an agreement.
- An agreement that is not enforceable by law is called a void agreement.
- An agreement that is enforceable by law at the option of one or more parties, but not at the option of the other or others, is called a voidable contract.
- An agreement that is enforceable by law is called a contract.
- A person's willingness to do or abstain from doing something to obtain the assent of another person is called consent.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the introduction to the Indian Contract Act, 1872, including its applicability and important definitions under the Act such as proposal. It is based on the principles of English Common Law and is applicable to contracts in India.
