25-06-2012, 12:18 PM
A NEW GENERAL QUESTIONS
A NEW GENERAL QUESTIONS.docx (Size: 12.73 KB / Downloads: 59)
1. What is contract?
A contract is an agreement enforceable by law is an contract [section 2(4).
2. What is agreement?
Every promise and every set of promises, forming consideration of each other is an agreement. Section2 (e).
3. What is promise?
When the reason to the proposal is made, signifies his assent there to, the proposal is said to be accepted. The proposal, when accepted becomes a promise.
4. List out some essential elements of a valid contract?
Offer and Acceptance
Intention to create Legal Relationship
Capacity to Contract
Genuine and Free Consent
Lawful Object
Lawful Consideration
Certainty and Possibility of Performance
Legal Formalities
5. What is valid contract?
An agreement becomes a contract when all the essential elements referred to alone present in such case, the contract is a valid contract.
6. What is Offer?
Offer is a proposal made by one party to another to enter into a logically building
Agreement within him.
7. What is acceptance?
When the person whom the proposal is made significant the assent the them to the proposal set to be accepted. The proposal which is accepted is called an agreement.
8. Capacity to contract? [Sec 10]
The parties who enter into a contract must have the capacity to do so. Capacity here means competent of the parties to enter into a valid contract.