Valid Contract Elements Quiz

Franchise agreements are not regarded as agreements in restraint of trade due to their characteristic of allowing individuals to operate under a brand rather than solely restricting business activities.

Agreements are deemed void if they impose unreasonable restrictions on trade or if they inhibit free competition without valid justification.

Negative covenants restrict one party from engaging in certain activities, which can help protect business interests but may also be challenged if overly broad or unreasonable.

<p>These agreements are often void as they infringe upon the parties' rights to seek legal recourse and may undermine the justice system.</p> Signup and view all the answers

<p>Section 28 expressly invalidates agreements that prevent parties from commencing legal actions or courts from adjudicating disputes, promoting justice.</p> Signup and view all the answers

<p>Void agreements have no legal effect, meaning the parties cannot enforce them or seek damages related to the agreement.</p> Signup and view all the answers

<p>A bilateral mistake occurs when both parties to a contract are mistaken about a fundamental fact, potentially allowing for rescission of the contract.</p> Signup and view all the answers

<p>Void agreements are contracts that lack legal enforceability from the moment of creation, as they violate legal precepts or public policy.</p> Signup and view all the answers

<p>An object is unlawful if it is forbidden by law, defeats the provisions of any law, is fraudulent, implies injury to another, or is considered immoral.</p> Signup and view all the answers

<p>Agreements in restraint of marriage, trade, legal proceedings, uncertain agreements, wagering agreements, and impossible agreements are declared void by law.</p> Signup and view all the answers

<p>Section 29 mandates that the terms of an agreement must be certain or at least capable of being made certain to be valid.</p> Signup and view all the answers

<p>A promise to make a dead man alive is an example of an impossible agreement.</p> Signup and view all the answers

<p>Certain agreements must be in writing or registered, such as partnership deeds and contracts for transferring immovable property.</p> Signup and view all the answers

<p>Restraint of trade agreements seek to limit a person's right to conduct business, and they are important because they can affect market competition.</p> Signup and view all the answers

<p>A negative covenant restricts one party from taking certain actions, such as engaging in competitive business practices.</p> Signup and view all the answers

<p>Agreements restraining legal proceedings are considered void as they contradict public policy by limiting access to justice.</p> Signup and view all the answers

<p>A certificate under Section 65B(4) is necessary along with proof in accordance with Section 65B(1).</p> Signup and view all the answers

<p>The Supreme Court has suggested that electronic mail systems provide stronger evidential value than WhatsApp messages in business partnerships.</p> Signup and view all the answers

<p>An implied contract is formed through the actions of parties rather than written or spoken words, such as paying for parking when one uses a paid parking lot.</p> Signup and view all the answers

<p>A quasi-contract is enforced by law despite the absence of a contractual relationship, such as returning lost goods to their owner.</p> Signup and view all the answers

<p>When A boards the bus, the law implies that A agrees to pay for the bus services, thus establishing an implied contract.</p> Signup and view all the answers

<p>Contracts can be categorized as executed, where all parties have performed their obligations, or executory, where some obligations remain unfulfilled.</p> Signup and view all the answers

<p>Section 65B outlines the criteria for admissibility of electronic records as evidence, ensuring they meet specific standards for reliability.</p> Signup and view all the answers

<p>A negative covenant restricts a party from engaging in certain activities, thereby protecting the interests of the other party in the agreement.</p> Signup and view all the answers