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Indian Contract Act Overview

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Questions and Answers

Which of the following is NOT an essential element of a valid contract?

Mutual consent

Written form (correct)

Consideration

Legality of purpose

What doctrine states that a stranger to a contract cannot sue?

Doctrine of Novation

Doctrine of Privity of Contract (correct)

Doctrine of Ratification

Doctrine of Res Judicata

Which of the following is a type of consideration?

Verbal consideration

Moral consideration

Past consideration (correct)

Future consideration

At what age is a person generally considered a minor under the Indian Contract Act, 1872?

18 years Signup and view all the answers

Which of the following is true regarding a valid offer?

It must be clear and definite Signup and view all the answers

What is a necessary component that must be present for a contract to be valid?

Consideration Signup and view all the answers

Which of the following best describes a proposal in the context of a contract?

A definitive offer that can be accepted Signup and view all the answers

Which of the following statements about minors and contracts is true?

Contracts with minors are voidable at their discretion Signup and view all the answers

What does the Doctrine of Privity of Contract state?

Only parties involved in the contract can enforce it Signup and view all the answers

What happens if an offer is revoked before acceptance?

The offer is still valid until communicated to the offeree Signup and view all the answers