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Indian Contract Act, 1872 Overview

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Questions and Answers

What are the two essential components of a contract according to the text?

Agreement and consideration

Offer and acceptance

Parties and subject matter

Agreement and enforceability (correct)

What is the definition of 'agreement' according to the Partnership Act, 1932?

A set of promises forming consideration for each other

A proposal that has been accepted

An enforceable promise between two or more parties

Both a and b (correct)

When does a proposal become a contract according to the Partnership Act, 1932?

When the proposer withdraws the proposal

When the proposal is communicated to the offeree

When the parties have agreed on the subject matter

When the offeree signifies his assent to the proposal (correct)

What is the essence of an agreement or contract according to the text?

The meeting of minds of the parties Signup and view all the answers

What happens if there is no consensus ad idem (meeting of minds) between the parties?

The agreement is void ab initio (from the beginning) Signup and view all the answers

What is the basis of rights and liabilities in commercial transactions?

The terms of the transaction created voluntarily between the parties Signup and view all the answers

Before the Indian Contract Act, 1872, what laws were applied by the courts in India?

The English Common Laws as suited to Indian conditions, customs and usages Signup and view all the answers

What was the primary reason for the enactment of the Indian Contract Act, 1872?

To address the difficulties in using English Common Laws and personal laws Signup and view all the answers

What is the basis of the Indian Contract Act, 1872?

The English Common Law Signup and view all the answers

How many parts was the Indian Contract Act, 1872 originally divided into?

4 Signup and view all the answers

Which part of the Indian Contract Act, 1872 was repealed and replaced by the Sale of Goods Act, 1930?

Law relating to sale of goods Signup and view all the answers