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Indian Contract Act Quiz

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

Consideration

Capacity of parties

Legality of purpose

Lapse of offer (correct)

In the context of the Indian Contract Act, what is the significance of 'consideration'?

It implies the financial remuneration involved in a contract

It refers to the mutual agreement of parties

It denotes the legal obligation to execute a contract

It is necessary for enforcing a contract in a court of law (correct)

Which of the following statements is true regarding the doctrine of privity of contract?

Privity allows anyone with an interest in the contract to enforce it

A stranger to a contract can sue for damages

Only parties who have given consideration can sue (correct)

It prevents parties from assigning contract rights to others

What is the legal implication of agreements made by minors under the Indian Contract Act?

<p>Minors can enter into binding contracts for necessaries</p> Signup and view all the answers

Which of the following is a common reason for lapse of an offer?

<p>Expiration of the specified time period</p> Signup and view all the answers

Indian Contract Act Quiz

Choose a study mode

Podcast

Questions and Answers

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

In the context of the Indian Contract Act, what is the significance of 'consideration'?

Which of the following statements is true regarding the doctrine of privity of contract?

What is the legal implication of agreements made by minors under the Indian Contract Act?

Which of the following is a common reason for lapse of an offer?

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