Indian Contract Act 1872: Nature of Contracts

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What is the distinction between an 'agreement' and a 'contract'?

An agreement is a wider term, whereas a contract is a specific type of agreement that is legally enforceable.

What are the essential elements of a contract?

The essential elements of a contract include offer, acceptance, intention to create legal relations, consideration, capacity, and legality of the object.

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

The concept of offer involves a proposal made by one party, and acceptance is the assent to the terms of the offer by the other party.

What were the sources of contract law before the Indian Contract Act, 1872?

Before the Indian Contract Act, 1872, the sources of contract law included Vedas, Dharam shastras, Smritis, Shrutis, etc.

What is the significance of communication and revocation in the context of contract law?

Communication and revocation are important in the context of contract law as they govern the rules for offering, accepting, and withdrawing a contract.

What are the various types of contracts?

The various types of contracts include bilateral contracts, unilateral contracts, express contracts, implied contracts, and void contracts.

What was the Arabic word for contract in the Mohammedan Law of Contract?

‘Aqd’

According to Hindu law, who cannot enter into a valid contract?

Minor, intoxicated person, old man or handicapped.

What was the age limit for entering into a contract according to Narada smriti?

Up to 8 years considered as an infant, 8-16 years considered as boyhood, and after 16 years competent to enter into a contract.

What were contracts like during the Maurya period?

Bilateral transactions based on free consent on all terms and conditions.

Under whose law was the English Law applied in the Presidency Towns of Madras, Bombay, and Calcutta?

Under the Charter of 1726 issued by king George to the East India Company.

When did the Indian Contract Act come into force?

September 01, 1872.

What does the preamble to the Indian Contract Act state?

To define and amend certain parts of the law relating to contract.

What does the Indian Contract Act primarily deal with?

General principles and rules governing contracts.

What was the geographical extent of the Indian Contract Act?

Whole of India including the state of Jammu and Kashmir after removal of Article – 370 of Indian Constitution.

What was the contract considered as per the Mughal rule in India?

A conjunction.

What are the essential elements of a contract?

Offer, acceptance, intention to create legal relations, consideration, capacity, and free consent.

What is the distinction between an 'agreement' and a 'contract'?

An agreement is a wider term that may or may not be enforceable by law, while a contract is a specific type of agreement that is legally binding and enforceable.

What does the Indian Contract Act primarily deal with?

The Indian Contract Act primarily deals with the regulation of contracts in India.

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

The concept of offer and acceptance refers to the process through which parties express their willingness to enter into a contract, leading to the formation of a legally binding agreement.

What were the sources of contract law before the Indian Contract Act, 1872?

Before the Indian Contract Act, 1872, the sources of contract law included Vedas, Dharam shastras, Smritis, Shrutis, and other ancient texts of Hindu law.

What are the various types of contracts?

The various types of contracts include valid contracts, void contracts, voidable contracts, and unenforceable contracts.

What was the Arabic word for contract in the Mohammedan Law of Contract?

‘Aqd’

Under whose law was the English Law applied in the Presidency Towns of Madras, Bombay, and Calcutta?

Charter of 1726 issued by king George to the East India Company

What was the age limit for entering into a contract according to Narada smriti?

Upto 8 years is considered as an infant; 8 to 16 years is considered as boyhood

What were contracts like during the Maurya period?

Bilateral transactions based on free consent on all terms and conditions

What does the preamble to the Indian Contract Act state?

It is an Act 'to define and amend certain parts of the law relating to contract'

What was the geographical extent of the Indian Contract Act?

The whole of India including the state of Jammu and Kashmir

What does the Indian Contract Act primarily deal with?

The general principles and rules governing contracts

According to Hindu law, who cannot enter into a valid contract?

Minor, intoxicated person, old man, handicapped

What were the sources of contract law before the Indian Contract Act, 1872?

Numerous customs and works of Smritikaras interpreting and analysing Vedas

What is the distinction between an 'agreement' and a 'contract'?

An agreement is not enforceable by law; a contract is enforceable by law

Test your knowledge of Chapter 2 on the Indian Contract Act, 1872, focusing on the nature of contracts, essential elements, various types of contracts, and the concept of offer and acceptance. This quiz helps you understand the meaning of 'agreement' and 'contract', their distinction, and the rules related to communication and revocation.

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