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Questions and Answers
According to the Indian Contract Act, what is a contract?
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?
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?
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?
What happens when an agreement lacks any of the required elements of a contract?
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Why does a void contract not create any legal rights?
Why does a void contract not create any legal rights?
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What differentiates an agreement from a contract?
What differentiates an agreement from a contract?
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Which statement accurately describes the nature of a void contract?
Which statement accurately describes the nature of a void contract?
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In what way does a void contract differ from a valid contract?
In what way does a void contract differ from a valid contract?
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What makes an agreement legally binding and enforceable in court?
What makes an agreement legally binding and enforceable in court?
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When does a contract become unenforceable at law?
When does a contract become unenforceable at law?
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