Podcast
Questions and Answers
Which of the following is NOT considered an essential element of a valid contract?
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'?
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?
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?
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?
Which of the following is a common reason for lapse of an offer?
Flashcards
Contract
Contract
An agreement enforceable by law, made between two or more parties, with each party agreeing to do something or abstain from something.
Essential Elements of a Valid Contract
Essential Elements of a Valid Contract
These include offer, acceptance, consideration, intention to create legal relations, capacity of parties, legality of object and free consent.
Offer
Offer
A proposal made by one party (offeror) to another (offeree) with the intention to create legal relations.
Acceptance
Acceptance
Signup and view all the flashcards
Consideration
Consideration
Signup and view all the flashcards
