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Questions and Answers
Which of the following is a key feature of a valid contract under the Indian Contract Act?
Which of the following is a key feature of a valid contract under the Indian Contract Act?
- Consideration must be lawful (correct)
- Consideration must be of equal value
- Consideration must be disclosed to both parties
- Consideration must be monetary
In the context of contracts, what does 'voidable' mean under the Indian Contract Act?
In the context of contracts, what does 'voidable' mean under the Indian Contract Act?
- A contract that is valid indefinitely
- A contract that is completely unenforceable
- A contract that is enforceable at the option of one of the parties (correct)
- A contract that is automatically terminated after a certain period
What is the maximum number of persons between whom a contract can be made under the Indian Contract Act?
What is the maximum number of persons between whom a contract can be made under the Indian Contract Act?
- Ten
- Unlimited (correct)
- Five
- Three
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Study Notes
Key Features of a Valid Contract
- A valid contract under the Indian Contract Act must have certain key features, including free consent, lawful consideration, capacity, and lawful object.
Voidable Contracts
- A contract is said to be 'voidable' when it is valid but can be rejected by one or both parties at their option.
Parties to a Contract
- There is no maximum limit on the number of persons between whom a contract can be made under the Indian Contract Act.
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