11 Questions
What are the two essential components of a contract according to the text?
Agreement and enforceability
What is the definition of 'agreement' according to the Partnership Act, 1932?
Both a and b
When does a proposal become a contract according to the Partnership Act, 1932?
When the offeree signifies his assent to the proposal
What is the essence of an agreement or contract according to the text?
The meeting of minds of the parties
What happens if there is no consensus ad idem (meeting of minds) between the parties?
The agreement is void ab initio (from the beginning)
What is the basis of rights and liabilities in commercial transactions?
The terms of the transaction created voluntarily between the parties
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
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
What is the basis of the Indian Contract Act, 1872?
The English Common Law
How many parts was the Indian Contract Act, 1872 originally divided into?
4
Which part of the Indian Contract Act, 1872 was repealed and replaced by the Sale of Goods Act, 1930?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
Learn about the Indian Contract Act, 1872 which governs commercial activities in India. Understand how this act regulates enforceable agreements based on the principles of English Common Law. Explore the rights, liabilities, and terms of transactions under this key legislation.
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