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Contract Law
1,453 Questions
Contract Law encompasses the rules and statutes governing legally binding agreements between parties. This hub provides practice questions on essential topics like legal obligations, breach of contract, and termination clauses. These concepts are frequently tested in law entrance tests and various other competitive government examinations.
Legal obligationsVoid contractsBreach of contractCommunication of acceptanceStatute of FraudsContract clauses
Contract Law Questions
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When an offer has been made.
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When acceptance has been made.
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When there is a time limit for acceptance.
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None of these
B
Correct answer
Explanation
Once an acceptance is made offer can't be revoked and a contract becomes irrevocable.
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Acceptance should be communicated.
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Acceptance should be expressed in usual and reasonable manner.
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Acceptance should be made while the offer is still subsisting.
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None of these
D
Correct answer
Explanation
It is right because all above mentioned statements are correct.
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Moral consideration
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Forbidden by law
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Fraudulante purpose
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None of these
A
Correct answer
Explanation
Yes every consideration should be moral according to the Contract Law.
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Isolation
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Conspiracy
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Atomicity
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Durability
B
Correct answer
Explanation
Conspiracy is not an (ACID) property of transaction. The valid properties of transaction are represented in the form of ACID, i.e.
A- Atomicity C- Consistency I - Isolation and D - Durability
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absolute only
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conditional only
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both absolute or conditional
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none of these
C
Correct answer
Explanation
The sale may be absolute or conditional both.
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valid
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illegal
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void
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voidable
C
Correct answer
Explanation
The contract becomes void on the ground of impossibility of performance.
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warranty
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condition
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guarantee
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condition or warranty
B
Correct answer
Explanation
A stipulation, which is essential, is a condition.
A stipulation, which is collateral, is a warranty.
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repudiate the contract
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sue for damages
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opt any of the two
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none of these
B
Correct answer
Explanation
In case of breach of warranty, the buyer can sue only for damages.
In case of breach of condition, the buyer can repudiate the contract or sue for damages.
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valid
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void
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voidable
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illegal
A
Correct answer
Explanation
Consideration need not be adequate, but it must be real. It need not be approximately of equal value with the promise for which it is exchanged, but it must be something which the law would regard as having some value.
Thus, if A agrees to voluntarily sell his house worth Rs. 20,00,00 for Rs. 2,00,000, it is a valid contract.
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valid
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voidable
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void ab initio
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illegal
C
Correct answer
Explanation
The agreement with the minor during his period of minority is void.
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Void ab initio
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voidable
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Valid
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illegal
A
Correct answer
Explanation
An agreement entered into by minor is void ab initio. MInor is not bound to fulfill his obligation because agreement is not enforceable by law. In case of necessaries supplied to minor, neither minor nor his guardian is liable but Minor's personal property is liable . If personal property is not there, no recovery is possible. Necessaries cover food, shelter, education, medical treatment, marriage of female and others. In given que, if minor does not pay fees, his personal assets shall be liable, not the minor.
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He is bound to pay
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He is not bound to pay
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He is bound to pay if the construction work has started
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None of these
C
Correct answer
Explanation
He is bound to pay only in case if construction has started
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valid at the option of his wife and son
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voidable at the option of his wife and son
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both (1) and (2)
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none of these
C
Correct answer
Explanation
The contract is valid or voidable at the option of aggrieved party.
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valid
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void
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voidable
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illegal
B
Correct answer
Explanation
The agreement is void as it can’t be performed and both the parties are unaware about it.
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valid
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void
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voidable
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illegal
A
Correct answer
Explanation
Consideration need not be adequate, but it must be real. It need not be approximately of equal value with the promise for which it is exchanged, but it must be something which the law would regard as having some value.
Thus, if A agrees to voluntarily sell his house worth Rs. 20,00,00 for Rs. 2,00,000, it is a valid contract.