15 Questions
What is a contract?
An agreement enforceable at law
What is the flow of the definition of a contract?
Contract ---- Agreement ---- Promise Accepted proposal ---- Proposal/offer
What is a void agreement?
An agreement without legal consequences
What are the special contracts mentioned in the text?
Indemnity, Guarantee, Bailment, Pledge
What is the role of an agent in the law of agency?
To act on behalf of the principal
Define a contract according to Pollack and Salmond's views.
According to Pollack, 'Every agreement and promise enforceable at law is a contract.' According to Salmond, 'A contract is an agreement creating and defining obligations between the parties.'
Explain the flow of the definition of a contract.
The flow of the definition of a contract is as follows: Contract ---- Agreement ---- Promise Accepted proposal ---- Proposal/offer. A contract is an agreement that can be enforced in court. A contract may be formed when there is an accepted proposal or offer.
What are the essential elements of a valid contract?
The essential elements of a valid contract include offer and acceptance, intention to create legal relations, lawful consideration, capacity to contract, free consent, legality of object, and certainty and possibility of performance.
What are the special contracts mentioned in the text?
The special contracts mentioned in the text are indemnity, guarantee, bailment, and pledge.
Briefly explain the law of agency and its essentials.
The law of agency involves the relationship between an agent and a principal. Its essentials include kinds of agents, rights and duties of agent and principal, creation of agency, and termination of agency.
What is a contract according to Pollack and Salmond?
A contract is an agreement creating and defining obligations between the parties, enforceable at law (Pollack), and an agreement that can be enforced in court (Salmond).
What are the essential elements of a valid contract?
The essential elements of a valid contract include offer and acceptance, intention to create legal relations, consideration, capacity, free consent, legality of object, and certainty and possibility of performance.
What is a void agreement?
A void agreement is a contract that is not enforceable by law, and is void ab initio, i.e., from the beginning.
What are the special contracts mentioned in the text?
The special contracts mentioned in the text are indemnity, guarantee, bailment, and pledge.
Briefly explain the law of agency and its essentials.
The law of agency deals with the relationship between a principal and an agent, where the agent acts on behalf of the principal. The essentials include the creation of agency, kinds of agents, rights and duties of agent and principal, and termination of agency.
Test your knowledge of the Law of Contract with this quiz covering the concept of contract, offer and acceptance, valid contracts, void agreements, classification of contracts, quasi contract, performance of contract, and discharge of contract. Ideal for students and professionals studying legal aspects of business.
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