5 Questions
Give an example of a daily transaction that involves entering into a contract.
Buying a newspaper, riding a bus, purchasing goods, giving a radio for repairs, or borrowing a book from a library are all examples of daily transactions that involve entering into a contract.
What is the significance of the law of contract in business and personal dealings?
The law of contract is important for smooth trade and business operations, and it also applies to day-to-day personal dealings. It brings seriousness and definiteness in business transactions.
When was the Indian Contract Act, 1872 enacted and what was its significance?
The Indian Contract Act, 1872 was enacted on 25th April 1872 and came into force on 1st September 1872. Its significance lies in providing rules regarding the validity of making contracts and their performances.
Who presented the report on contract law for India in 1861?
The third law commission of British India under the chairmanship of Sir John Romily presented the report on contract law for India in 1861.
What is the role of the law of contract in governing and regulating business transactions?
The law of contract provides rules that govern and regulate business transactions, bringing a sense of seriousness and definiteness in business dealings. It also provides for rules regarding the validity of making contracts and their performances.
Test your knowledge on the Indian Contract Act, 1872, which is the most important branch of Mercantile Law. The act is applicable not only to business but also to all day-to-day personal dealings.
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