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Questions and Answers
What are the essential elements of a valid contract according to the Indian Contract Act, 1872?
What type of contract is valid but can be voided at the option of one of the parties?
What must be exchanged between the parties in a valid contract?
Which factor must be absent from consent in a valid contract?
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What is the status of a contract without legal effect from the beginning?
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What does the supply schedule graphically represent?
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In a competitive market, when does the economic equilibrium for price and quantity transacted occur?
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What forms the theoretical basis of modern economics?
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What does the aggregate demand-aggregate supply model depict in macroeconomics?
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What is the purpose of a supply schedule in microeconomics?
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Study Notes
Elements of a Valid Contract
- A valid contract must have free consent, consideration, lawful object, and the parties must be competent to contract.
- The contract must not be void or illegal.
Voidable Contracts
- A voidable contract is valid but can be voided at the option of one of the parties.
Essential Elements of a Contract
- There must be an exchange of something of value (consideration) between the parties in a valid contract.
Consent in a Valid Contract
- There must be no coercion, undue influence, misrepresentation, or mistake in consent for a valid contract.
Void Contracts
- A contract without legal effect from the beginning is considered void.
Supply Schedule
- A supply schedule graphically represents the different quantities of a commodity that producers are willing to supply at different prices.
Economic Equilibrium
- In a competitive market, economic equilibrium occurs when the quantity of a commodity that consumers are willing to buy equals the quantity that producers are willing to supply.
Theoretical Basis of Modern Economics
- The concept of scarcity forms the theoretical basis of modern economics.
Aggregate Demand-Aggregate Supply Model
- The aggregate demand-aggregate supply model depicts the relationship between the overall price level and the total quantity of output in an economy in macroeconomics.
Purpose of a Supply Schedule
- The purpose of a supply schedule is to show how the quantity supplied of a commodity changes in response to changes in its price in microeconomics.
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Description
Test your knowledge of the essential elements of a valid contract under the Indian Contract Act, 1872 with this quiz. Challenge yourself with questions on offer and acceptance, intention to create legal relations, lawful consideration, and capacity of parties.
