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What is the maximum number of partners allowed in a partnership firm under the Indian Contract Act?
In which year was the Indian Contract Act enacted?
What is the age of majority for entering into a contract under the Indian Contract Act?
What is the main purpose of the Indian Contract Act?
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Which of the following is a valid element of a contract under the Indian Contract Act?
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Under the Indian Contract Act, when is a contract considered void?
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What are the essential elements of a valid contract under the Indian Contract Act?
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Explain the concept of 'free consent' as per the Indian Contract Act.
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What are the different types of contracts recognized under the Indian Contract Act?
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What are the different types of contracts recognized under the Indian Contract Act?
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Explain the concept of free consent as per the Indian Contract Act.
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What are the essential elements of a valid contract under the Indian Contract Act?
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Study Notes
Indian Contract Act
- There is no maximum number of partners allowed in a partnership firm under the Indian Contract Act.
- The Indian Contract Act was enacted in 1872.
- The age of majority for entering into a contract under the Indian Contract Act is 18 years.
- The main purpose of the Indian Contract Act is to provide a legal framework for contracts and to settle disputes arising from contractual agreements.
Elements of a Contract
- A valid element of a contract under the Indian Contract Act includes proposal, acceptance, consideration, capacity, free consent, and lawful object.
- A contract is considered void if it is caused by coercion, undue influence, fraud, misrepresentation, or mistake.
Essential Elements of a Valid Contract
- The essential elements of a valid contract under the Indian Contract Act include proposal, acceptance, consideration, capacity, free consent, and lawful object.
Free Consent
- The concept of 'free consent' as per the Indian Contract Act means that the parties to a contract must not be affected by coercion, undue influence, fraud, misrepresentation, or mistake.
Types of Contracts
- The Indian Contract Act recognizes different types of contracts, including:
- Express contracts (written or spoken)
- Implied contracts (inferred from the conduct of the parties)
- Quasi-contracts (agreements that are not contracts but are treated as such)
- Contingent contracts (dependent on the occurrence of an event)
- Joint and several contracts (liable jointly and severally)
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Description
Test your knowledge of the Indian Contract Act with this quiz! Answer questions about the maximum number of partners in a partnership firm, the year of enactment of the act, and the age of majority for entering into a contract. See how well you understand the key provisions of this important legislation.