Business Laws - Indian Contract Act

Who is competent to enter into a contract

• A Minor

• A Lunatic

• A Person of sound mind

• A purdanasheen women

All contracts are agreements

• True

• False

• none

An offer may be communicated

• Orally

• By conduct only

• By a written mode

• By all the above modes

Consideration may be

• Past

• Present

• Future

• All the above

Who is a minor?

Coercion and undue influence convey the same meaning

• True

• False

• Both

• None

In the case of wagers, the agreement must be depend upon

• A certain event

• An uncertain event

• An Impossible event

• None

_________takes place when a new contract is substituted for an existing one between the same parties

• Novation

• Recession

• Undue influence

• none

The term waiver means

• Cancellation of a debt

• Giving up right by the claimant

• Insisting the debtor to repay forthwith

• none

Quantum Merit means as much as is earned

• True

• False

• None

• All the above