Contract Act . Indemnity. Guarantee. Sale of Goods Act

Alisha and Siya entered into a discussion about what constitutes a contract.

• An agreement to do or not to do something

• An agreement enforceable by law

• A promise made between friends

• A casual arrangement

In a recent class discussion, Akhil mentioned that a valid contract must have certain requirements. Which of the following did he say is NOT a requirement for a valid contract?

• Offer and acceptance

• Consideration

• Written form

• Legal capacity

In contract law, 'consideration' refers to:

• The price paid for the contract

• The terms of the contract

• Something of value exchanged between Vanya and Sneha

• The formal signature on the contract

Which type of contract is voidable at the option of one party?

• Void contract

• Unenforceable contract

• Bilateral contract

• Contract with misrepresentation

A contract is said to be 'void' if:

• It is legally enforceable

• It is not enforceable by law

• It has been breached

• It is formed without consideration

Which of the following can terminate a contract?

• Breach of contract

• Mutual agreement

• Performance

• All of the above

An agreement without consideration is:

• Voidable

• Valid

• Void

• Enforceable

Which of the following contracts is void ab initio (from the beginning)?

• Contract for illegal activities

• Contract with a minor

• Contract with a person of unsound mind

• All of the above

What is 'capacity to contract'?

• The legal ability to enter into a contract

• The financial ability to perform a contract

• The ability to negotiate terms

• The ability to understand legal jargon

Which of the following is a valid type of contract?

• Express contract

• Implied contract

• Executed contract

• Unilateral contract