Which of the following is not an essential element of a valid contract?

• Offer and acceptance

• Free consent and consideration

• Lawful object

• Performance

What is the essential component of a consideration?

• Move at the desire of the promisor

• Must be real

• Must be lawful

• All of these

A general offer open for world at large can be accepted

• by sending a communication of acceptance

• by complying with the conditions of offer

• by tendering himself to the comply the conditions of offer

• none of these

Where both the parties to an agreement are under mistake as to a matter of fact, which is essential to the agreement, the agreement is:

• Valid

• Voidable

• Illegal

• Void

Identical offers made by two parties to each other, in ignorance of each other’s offer are known as

• Counter offer

• Cross-offers

• Standing offer

• None of the above

Who among the following is not disqualified by law to enter into a contract? (1) A Major Person (2) A Lunatic (3) Insolvent person (4) Diplomatic Staff of foreign state

• 2 & 3

• 3 & 4

• 1 & 4

• 1 & 2

Moral Pressure is involved in the case of _________.

• Misrepresentation

• Coercion

• Undue Influence

• Fraud

X sells the goodwill of his retail store to Y for Rs.5 lakhs and promises not to carry on the same business forever and anywhere in India. Is the agreement:

• Valid

• Void

• Voidable

• Illegal

Agreement consists of reciprocal promises between at least _________

• three parties

• six parties

• four parties

• two parties

What type of contract is illustrated in the example, when contract is classified on the basis of formation - the finder of lost goods, to find out the owner and return the goods?

• Quantum Meruit

• Quasi Contract

• Nudum Pactum

• Consensus ad idem