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Understanding Agreements and Reciprocal Promises

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Understanding Agreements and Reciprocal Promises

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Questions and Answers

According to the Indian Contract Act, what is a contract?

A mutual understanding between parties

A set of promises without any legal effect

Any agreement, written or verbal

An agreement enforceable by law (correct)

What is the definition of an agreement according to the Indian Contract Act?

Every promise and every set of promises, forming the consideration for each other (correct)

An agreement enforceable by law

A promise that lacks consideration

A verbal promise between two parties

Is consideration required for a contract to be valid?

Consideration is optional based on the parties' choice

Consideration is only needed for verbal contracts

Yes, consideration is essential (correct)

No, consideration is not necessary

What happens when an agreement lacks any of the required elements of a contract?

It becomes a void contract (B) Signup and view all the answers

Why does a void contract not create any legal rights?

Because it is a total nullity (B) Signup and view all the answers

What differentiates an agreement from a contract?

Consideration required for agreements but not for contracts (B) Signup and view all the answers

Which statement accurately describes the nature of a void contract?

It is always unenforceable by law (C) Signup and view all the answers

In what way does a void contract differ from a valid contract?

A void contract lacks any of the elements required for a contract (A) Signup and view all the answers

What makes an agreement legally binding and enforceable in court?

The presence of consideration between parties (D) Signup and view all the answers

When does a contract become unenforceable at law?

When it ceases to fulfill the requirements of being an agreement (C) Signup and view all the answers