Business Law - Introduction to Contract Act

The Indian Contract act includes

• Partnership Act

• English Common Law

• sale of Goods Act

• Companies Act

A contract is

• Offer+ Acceptance

• Promise +Obligation

• Consent +Capacity

• Agreement+ Legal enforceability

A Voidable Contract is one which is

• enforceable at the option of one party

• enforceable at the option of both the parties

• enforceable at the direction of court

• not enforceable in a court of law

An offer may lapse by

• Revolt

• Counter Offer

• Fulfillment of a condition precedent to offer

• Non communication of revocation

There can be a stranger to

• contract

• Consideration

• Agreement

• Promise

The Indian contract Act is enacted in the year

• 1856

• 1956

• 1872

• 1947

Balfour Vs Balfour case is an example of

• Valid Contract

• Void Contract

• Voidable contract

• Void agreement

Jus in rem means

• Right against the property

• Right against the world

• Right against the person

• Justice to everyone

Consensus ad idem means

• Meeting of persons

• common sense

• meeting of minds

• something in return

Standing on a weighing machine is an example for

• Express Contract

• Quasi Contract

• Implied Contract

• Voidable contract