10 Questions
According to the Indian Contract Act, what is a contract?
An agreement enforceable by law
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
Is consideration required for a contract to be valid?
Yes, consideration is essential
What happens when an agreement lacks any of the required elements of a contract?
It becomes a void contract
Why does a void contract not create any legal rights?
Because it is a total nullity
What differentiates an agreement from a contract?
Consideration required for agreements but not for contracts
Which statement accurately describes the nature of a void contract?
It is always unenforceable by law
In what way does a void contract differ from a valid contract?
A void contract lacks any of the elements required for a contract
What makes an agreement legally binding and enforceable in court?
The presence of consideration between parties
When does a contract become unenforceable at law?
When it ceases to fulfill the requirements of being an agreement
Learn about the concept of agreement as a promise or a set of reciprocal promises. Explore how agreement is formed through offers and acceptance, and how it can involve a set of promises between parties. Understand the enforceability of agreements in the court of law.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
