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Questions and Answers
What does the Indian Contract Act consist of?
What does the Indian Contract Act consist of?
- General principles and special kinds of contracts (correct)
- Principles of criminal law
- Principles of constitutional law
- Principles of tort law
What kind of contracts are contained in Sections 124 to 238 of the Indian Contract Act?
What kind of contracts are contained in Sections 124 to 238 of the Indian Contract Act?
- Negotiable instruments, Insurance, Carriage of goods, and Partnership
- Sale, Lease, Mortgage, Easement and License
- Indemnity, Guarantee, Bailment, Pledge and Agency (correct)
- Void, Voidable, Unenforceable, and Illegal contracts
What do the general principles of the Law of Contract apply to?
What do the general principles of the Law of Contract apply to?
- Only contracts related to international trade
- All kinds of contracts irrespective of their nature (correct)
- Only contracts related to property
- Only contracts related to employment
What does the Law of Contract create?
What does the Law of Contract create?
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Why should one know the law to which they are subject?
Why should one know the law to which they are subject?
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Study Notes
Indian Contract Act
- The Indian Contract Act consists of general principles and provisions related to contracts.
Contracts in Sections 124-238
- Sections 124 to 238 of the Indian Contract Act contain provisions related to Special Contracts, including indemnity, guarantee, bailment, pledge, and agency.
Application of General Principles
- The general principles of the Law of Contract apply to all contracts, including those contained in the Indian Contract Act.
Creation of Obligations
- The Law of Contract creates obligations between parties entering into a contract.
Importance of Knowing the Law
- It is essential to know the law to which one is subject, as ignorance of the law is no excuse, and knowing the law helps to understand one's rights and obligations.
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Test your knowledge of law with this quiz! Explore the importance of understanding legal principles and learn about the commencement and applicability of different laws. Challenge yourself with questions about the significance of knowing the law and its impact on society.
