Contract Law

Section 2(h) of the Indian Contract Act defines that an agreement enforceable by law is a contract.

Section 10 of the Indian Contract Act provides that all agreements are contracts if they are made by the free consent of parties competent to contract for a lawful consideration and with a lawful object and are not hereby expressly declared to be void.

Section 29 of the Indian Contract Act provides that agreements, the meaning of which is not certain or capable of being made certain, are void.

Option (1) is correct: Acknowledgement after the period of limitation is of no effect. Option (2) is incorrect: Acknowledgement after the period of limitation doesn’t give rise to an independent and enforceable contract. Option (3) is incorrect: Acknowledgement after the period of limitation is not of any value. Option (4) is incorrect: Option (1) is correct.

Option (1) is correct: Specific performance of any contracts may be ordered u/s 10 of the act, where there exists no standard for ascertaining actual damage by non performance of the act to be done. Option (2) is incorrect: Specific performance of any contracts may not be ordered where compensation is an adequate relief. Option (3) is incorrect: Specific performance of any contracts may not be ordered where the performance of the contract involves performance of a continuous duty, which the court cannot supervise. Option (4) is incorrect: Specific performance of any contracts may not be ordered where the contract is by its nature determinable.

Option (1) is correct: Contract is totally based upon the personal qualification of A; so the contract is specifically enforceable.

Option (1) is correct: U/s 12(2), the court may, at the suit of either party, direct the specific performance of so much of the contract to the promisor. Option (2) is incorrect: Promise cannot be directed to perform the part which is left unperformed. Option (3) is incorrect: Can be performed by only the promisee Option (4) is incorrect: Option (1) is correct.

Option (1) is correct: If the purpose is not known to seller, then the contract cannot be repudiated.

Option (1) is correct: The agreement becomes void.

Option (1) is correct: Under the provisions of the Sale of Goods Act, 1930, the right to repudiate the contract exists both in conditions and warranties.

Option (1) is correct: A stipulation that is essential to the main purpose of a contract is called condition. Option (2) is incorrect: A stipulation that is collateral to the main purpose of a contract is called warranty. Option (3) is incorrect: A pledge means mortgaging goods for a loan. Option (4) is incorrect: A lien means to retain possession.

Option (1) is correct: If the goods under a contract perish before the making of the contract, it becomes void if the goods are specific. In any other case, the contract will not be void. 

Option (3) is correct: Competency under the Indian Contract Act means that the parties must be major to the contract and must be of sound mind.

Option (1) is incorrect: Intimation of minimum price is not a proposal as per the provisions of the Indian Contract Act. Option (2) is incorrect: An agreement against public policy is void.

Option (4) is correct: Under Section 2(i) of the Indian Contract Act, an agreement enforceable by law at the instance of one party and not of other party is called a voidable contract.