BUSINESS LAW MCQ UNIT 1.docx
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This document contains a 20 question multiple choice quiz on business law concepts in England and Wales. It covers topics like the legal system used, definitions of civil law and contract, elements of a valid contract like offer, acceptance and consideration, key areas of business law like the Indian Contract Act of 1872, and concepts in quasi-contract like promissory estoppel. The quiz aims to test understanding of foundational legal principles for business and commerce in the given jurisdiction.
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Consideration
This document discusses the concept of consideration in contract law. It defines consideration as "something in return" that has value in the eyes of the law. Consideration is essential to forming a valid, enforceable contract. There are several key elements for consideration: it must move from the promisee or another person at the request of the promisor; it can be past, present or future; it does not need to be adequate but must be real and lawful. Exceptions to the requirement of consideration include gifts, charity contributions, and contracts supported by natural love and affection if certain conditions are met.
Contract of guarantee
This document provides an overview of the law of contracts as it relates to guarantees. It defines a guarantee as a tripartite agreement involving a principal debtor, creditor, and surety where the surety assumes secondary liability for the debt if the principal debtor defaults. The document outlines the essential elements of a valid guarantee contract and distinguishes guarantees from indemnity agreements. It also discusses different types of guarantees like continuing guarantees and how continuing guarantees can be revoked. Overall, the document provides a high-level introduction to key concepts regarding guarantees under contract law in 3 sentences or less.
Business law
Business law establishes rules to govern business relationships and resolve disputes. The key Indian business laws include the Contract Act, Sale of Goods Act, Partnership Act, Negotiable Instruments Act, and Companies Act. For a contract to be valid, it requires offer and acceptance, lawful consideration, capacity of parties, lawful object, and intention to create legal relationship. A minor's agreements are void as a minor lacks contractual capacity. However, a minor can be a beneficiary or promisee and is not liable for torts directly connected to a void contract.
Special contract
There are three main types of contracts discussed in the document:
1. Contract of indemnity - This is a contract between two parties where one party promises to compensate the other for any losses.
2. Contract of guarantee - This involves three parties, where a surety guarantees to a creditor that a principal debtor will fulfill their obligations.
3. Pledge - This is a type of bailment contract where goods are delivered as security for a debt, with the pawnee retaining the goods until payment is made.
Capacity to contract
According to Indian contract law, a person must be of the age of majority, of sound mind, and not otherwise legally disqualified to have the capacity to enter into a valid and enforceable contract. A minor, defined as a person under 18 years of age, lacks such capacity and any agreements entered into by a minor are void ab initio. However, a minor can be held liable to pay for necessities provided to them, such as food, clothing, shelter, and services related to education or healthcare. A person of unsound mind, including idiots, lunatics, or those intoxicated, also lacks the capacity to contract if unable to understand the nature and effect of the agreement.
Breach of contract (1)
This document discusses various ways in which a contract can be discharged or terminated, including through performance, mutual agreement, impossibility of performance, breach of contract, operation of law, or lapse of time. It describes two types of breach of contract: anticipatory breach, which occurs when a party demonstrates intention to break the contract before performance is due, and actual breach, which occurs when a party fails to perform an obligation under the contract at the required time. Finally, it outlines several remedies available to an aggrieved party in the case of breach of contract, such as recession of the contract, quantum meruit, specific performance, injunction, and damages.
REMEDIES FOR BREACH OF CONTRACT
This document discusses remedies for breach of contract, including rescission, damages, quantum meruit, specific performance, and injunction. It defines each remedy and provides examples. Rescission allows a party to treat a contract as voided due to breach. Damages provide monetary compensation for losses from breach. Quantum meruit applies when partial performance justifies compensation. Specific performance requires literal fulfillment of contract terms. Injunctions enforce negative contract obligations.
Discharge of contract
This document discusses the various ways in which a contract can be discharged, including:
1) By performance or tender of performance by both parties.
2) By mutual consent through novation, rescission, alteration, remission, waiver or merger.
3) By impossibility of performance, which can be inherent, subsequent, or due to commercial impossibility, failure of a third party, or other events.
4) By operation of law due to events such as death, insolvency, or merger.
5) By lapse of time.
6) By breach of contract, which can be an actual or anticipatory breach.
Recommended
Consideration
This document discusses the concept of consideration in contract law. It defines consideration as "something in return" that has value in the eyes of the law. Consideration is essential to forming a valid, enforceable contract. There are several key elements for consideration: it must move from the promisee or another person at the request of the promisor; it can be past, present or future; it does not need to be adequate but must be real and lawful. Exceptions to the requirement of consideration include gifts, charity contributions, and contracts supported by natural love and affection if certain conditions are met.
Contract of guarantee
This document provides an overview of the law of contracts as it relates to guarantees. It defines a guarantee as a tripartite agreement involving a principal debtor, creditor, and surety where the surety assumes secondary liability for the debt if the principal debtor defaults. The document outlines the essential elements of a valid guarantee contract and distinguishes guarantees from indemnity agreements. It also discusses different types of guarantees like continuing guarantees and how continuing guarantees can be revoked. Overall, the document provides a high-level introduction to key concepts regarding guarantees under contract law in 3 sentences or less.
Business law
Business law establishes rules to govern business relationships and resolve disputes. The key Indian business laws include the Contract Act, Sale of Goods Act, Partnership Act, Negotiable Instruments Act, and Companies Act. For a contract to be valid, it requires offer and acceptance, lawful consideration, capacity of parties, lawful object, and intention to create legal relationship. A minor's agreements are void as a minor lacks contractual capacity. However, a minor can be a beneficiary or promisee and is not liable for torts directly connected to a void contract.
Special contract
There are three main types of contracts discussed in the document:
1. Contract of indemnity - This is a contract between two parties where one party promises to compensate the other for any losses.
2. Contract of guarantee - This involves three parties, where a surety guarantees to a creditor that a principal debtor will fulfill their obligations.
3. Pledge - This is a type of bailment contract where goods are delivered as security for a debt, with the pawnee retaining the goods until payment is made.
Capacity to contract
According to Indian contract law, a person must be of the age of majority, of sound mind, and not otherwise legally disqualified to have the capacity to enter into a valid and enforceable contract. A minor, defined as a person under 18 years of age, lacks such capacity and any agreements entered into by a minor are void ab initio. However, a minor can be held liable to pay for necessities provided to them, such as food, clothing, shelter, and services related to education or healthcare. A person of unsound mind, including idiots, lunatics, or those intoxicated, also lacks the capacity to contract if unable to understand the nature and effect of the agreement.
Breach of contract (1)
This document discusses various ways in which a contract can be discharged or terminated, including through performance, mutual agreement, impossibility of performance, breach of contract, operation of law, or lapse of time. It describes two types of breach of contract: anticipatory breach, which occurs when a party demonstrates intention to break the contract before performance is due, and actual breach, which occurs when a party fails to perform an obligation under the contract at the required time. Finally, it outlines several remedies available to an aggrieved party in the case of breach of contract, such as recession of the contract, quantum meruit, specific performance, injunction, and damages.
REMEDIES FOR BREACH OF CONTRACT
This document discusses remedies for breach of contract, including rescission, damages, quantum meruit, specific performance, and injunction. It defines each remedy and provides examples. Rescission allows a party to treat a contract as voided due to breach. Damages provide monetary compensation for losses from breach. Quantum meruit applies when partial performance justifies compensation. Specific performance requires literal fulfillment of contract terms. Injunctions enforce negative contract obligations.
Discharge of contract
This document discusses the various ways in which a contract can be discharged, including:
1) By performance or tender of performance by both parties.
2) By mutual consent through novation, rescission, alteration, remission, waiver or merger.
3) By impossibility of performance, which can be inherent, subsequent, or due to commercial impossibility, failure of a third party, or other events.
4) By operation of law due to events such as death, insolvency, or merger.
5) By lapse of time.
6) By breach of contract, which can be an actual or anticipatory breach.
Free consent/Law of Contract/Business Law
The document discusses the concept of free consent in contracts. It defines key terms like consent, coercion, undue influence, misrepresentation, and fraud.
Free consent is consent that is not caused by coercion, undue influence, fraud, misrepresentation, or mistake. Coercion involves threatening unlawful acts, while undue influence involves exploiting power dynamics in relationships.
Misrepresentation involves innocent factual errors, while fraud requires intentionally deceiving the other party. Examples are provided to illustrate these concepts. Threats of suicide can amount to coercion. The document compares coercion and undue influence and outlines the requirements for establishing misrepresentation and fraud.
Partnership act
The document discusses key concepts around partnerships under Indian law, including:
1. The essential elements of a partnership include an association of two or more persons, an agreement to carry on business together, and a sharing of profits.
2. The rights and duties of partners are outlined, with rights including participation in management, inspection of books, and sharing of profits, and duties including acting for the common advantage and not claiming remuneration.
3. Dissolution of a partnership can occur through compulsory, agreement-based, or court-ordered means, and winding up is the process of settling partnership affairs after dissolution.
Remedies for breach of contract
There are several remedies available when a contract is breached, including rescission of the contract, suits for damages, specific performance, injunction, or quantum meruit. Rescission allows the non-breaching party to terminate the contract. Suits for damages compensate for financial losses from the breach. Specific performance requires the breaching party to fulfill their contractual obligations. Injunctions prohibit parties from breaching negative terms. Quantum meruit pays for work already performed if full performance is impossible.
Essential elements of contract
This presentation describes about what is agreement and contract,what indian contract act says about,types of contract,essential elements of contract.
Remedies for breach of contract
REMEDIES FOR BREACH OF CONTRACT , tYPES OF BREACH OF CONTRACT Ramanaujan college , university of delhi,
Breach of contract
The document discusses breach of contract, including actual and anticipatory breach. It defines key terms like defaulting party and aggrieved party. In case of breach, the aggrieved party has several options for recourse under law, including cancelling the contract, claiming damages in compensation for losses, seeking specific performance of the contract, or obtaining an injunction [against the defaulting party]. Damages aim to financially remedy the aggrieved party and may include ordinary damages for expected losses as well as special, exemplary, or liquidated damages depending on the circumstances of the breach.
Presentation on Breach Of Contract
This document discusses various ways in which a contract can be discharged or terminated, including by performance, mutual agreement, breach of contract, impossibility of performance, or by operation of law. It defines different types of breaches, including material breach, minor breach, anticipatory breach, and actual breach. For each type of breach, an example is provided. The document also discusses remedies available to an injured party for breach of contract, including recession of contract, suit for damages, suit upon quantum meruit, suit for specific performance, and suit for injunction.
Sale of goods Act, 1930
The document discusses the key aspects of a contract of sale under Indian law. It begins by defining a contract of sale and differentiating between a sale and an agreement to sell. It then covers the essential elements of a valid contract of sale, implied conditions and warranties, caveat emptor, and how the transfer of property occurs. Specifically, it examines how property is transferred for unascertained goods, specific goods, and goods sold on approval. The document provides a comprehensive overview of contract of sale with examples to illustrate important legal concepts.
Consideration
Consideration is an essential element of a valid contract. It refers to something of value that is exchanged between parties to a contract in order to make the promise or promises in the contract legally enforceable. Consideration can be in the form of an act, forbearance, or a return promise. It must be something of value that is offered willingly. Common examples of consideration include payment of money, provision of goods or services, a promise to do or refrain from doing something. For a contract to be valid, consideration typically must be present and pass from one party to the other at the time the contract is formed.
Discharge of contract
Discharge of a contract means termination of contractual obligations between parties. A contract can be discharged in several ways including performance, agreement between parties, impossibility of performance, failure to provide facilities for performance, death, refusal of performance, unauthorized alterations, lapse of time, operation of law, and breach of contract. Some key ways are discharge by performance when both parties fulfill their obligations, and discharge by agreement/consent when parties mutually agree to novate, accept accord and satisfaction, remit obligations, or rescind the contract.
Free consent
The document discusses the essential elements of a valid contract under Indian law, focusing on the requirement of free consent. It defines key terms including consent, coercion, undue influence, misrepresentation, and mistake. For each term, it provides the legal definition from the Indian Contract Act and illustrations of how those concepts apply in assessing whether a contract is voidable due to a lack of free consent. Overall, the document outlines how lack of free consent due to coercion, undue influence, fraud, misrepresentation or mistake can potentially invalidate a contract.
BreAcH of ConTracT
Breach of Contract is the one of the most important Factors in the effective implementation of the contract done between the parties.
The breaching of contract is the acts that is done against the terms and conditions of the contract that can lead to the termination of the contract.
The breaching can be done by any of the parties.
Sale and agreement to sell under Law of Contract 2
Sale and agreement to sell under Law of Contract 2 where the difference or distinctive analysis between sale and agreement to sell is expressely mentioned with some of the provisions prescribed in the statutes of Law
Void Agreement
This document discusses void agreements under Indian contract law. It begins by defining an agreement and contract. It then explains that a void agreement is one that is not enforceable by law and does not create any legal obligations from the beginning. Several types of agreements are expressly declared void by the Indian Contract Act, including agreements in restraint of marriage, trade, or legal proceedings, agreements with uncertain meanings, wagering agreements, and agreements contingent on impossible events. Examples of cases related to various void agreements are also provided.
Conditions and warranties
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
Contingent Contract
Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
Contract and its kinds
This document defines a contract and the essential elements for a valid contract, including offer, acceptance, and consideration. It distinguishes between agreements that are valid contracts and those that are void. A valid contract is enforceable by law if it fulfills the basic essentials. A void contract was initially valid but becomes unenforceable due to factors like becoming impossible to perform. In contrast, a void agreement is not enforceable from the start due to defects like the parties not being competent or the consideration being unlawful.
Hire purchase agreement
Hire purchase is a financing method for goods where ownership passes to the buyer after they pay installments over a set period. A hire purchase agreement specifies that goods are leased with the option to purchase via installments, with ownership transferring after the final payment. It differs from a normal sale in that the seller retains ownership until full payment and can repossess the goods if installments are missed.
Contract act 1872
The document discusses the Indian Contract Act of 1872 and provides definitions and classifications of contracts. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements for a valid contract, including offer, acceptance, lawful consideration and capacity. Contracts are classified based on their formation (express, implied, quasi), performance (executed, executory, partly executed) and enforceability (valid, void, voidable, illegal). Quasi-contracts are also discussed, which create obligations by operation of law rather than agreement. Various types of quasi-contracts are explained through examples.
Kinds of contract
This document defines and provides examples of different types of contracts: voidable (enforceable at the option of one party), void (unenforceable by law), unenforceable (valid but incapable of proof), executed (both parties performed obligations), executory (neither party performed yet), express (written or spoken terms), implied (inferred from conduct), quasi (resemble contracts but not actually contracts), and contingent (conditional on uncertain future event). Key differences include enforceability, whether obligations have been performed, and how the terms are established.
Please find below1)In general, what is the effect o.docx
Please find below:
1)
I
n general
,
what
i
s the effect of o
n
e party being mistaken about the subject matter of
a
c
ontract?
a.
The m
i
staken party can rescind t
h
e
c
ontract
.
b.
Either pa
r
ty ca
n r
esc
i
nd the cont
r
act
,
and the mistaken party can recover damages.
c.
Neither party
c
an rescind the co
n
tract or recover damages
.
d.
E
i
the
r
par
t
y can resc
i
nd the cont
r
act and
/
or recove
r
damages.
e.
Either party
c
an rescind the contract
.
2)
I
n Krysa v. Pa
in
e
,
whe
r
e Pai
n
e
'
s Car Company was found to have committed fraud
i
n the sa
l
e of a t
r
uck to Krysa
,
what did the court ru
l
e regard
i
ng the punitive damages
award?
a.
Punit
i
ve dama
g
es are a
l
lowed at 9
:
1 in cases involving persona
l
injury but
i
n
c
on-
tracts m
u
st adhe
r
e to a 3
:
1
r
atio.
b.
P
u
nitive damages a
r
e
l
imited to 9:1
i
n all cases.
c.
Punit
i
ve damages should
n
eve
r
have a cap or their funct
i
on as a dete
r
rent and punish-
ment would be
l
ost
.
d.
Punitive damages a
r
e not ava
il
ab
l
e
i
n a fraud act
i
on based on a contract
.
e.
Pun
i
t
i
ve damages of 27:
1
are perm
i
tted in cases of extreme fraud
.
3)
The k
n
ow
l
edge of a statement
'
s
f
a
l
sity
,
or the
"
gu
i
lty mind
,"
in a fraud in the induce-
ment case is a
l
so known as:
a.
paro
l
knowledge.
b.
just
i
f
i
ance
.
c.
reliance
.
d.
scienter.
e.
gui
l
ty inte
n
t
.
4)
Andre has made a statement that the average pe
r
son would realize
i
s puffery. And
r
e
is guilty of:
a.
duress
.
b.
fraud
.
c.
innocent misrepresentat
i
on
.
d.
undue
i
nfluence.
e.
nothing
.
5)
In Wilson v. Western Nationa
l
Life
I
nsu
r
ance Company,
i
nvolving the party who lied
allegedly regarding prior drug abuse in order to obtain life insurance, what was
the holding of the court when the pa
r
ty
l
ater died from a drug overdose?
The l
i
fe insurance company had to pay the proceeds because if the plaintiff's medical
records had been consulted, the drug abuse would have been discovered.
a.
The
li
fe
i
nsurance d
i
d not have to pay the proceeds only because the deceased's wife
was unaware of the misrepresentation.
b.
The l
i
fe insurance had to pay the proceeds because the deceased's wife actually paid
the premiums.
c.
The life insurance company had to pay the proceeds because the plaintiff was not
using drugs during the time the application for insurance was made.
d.
The l
i
fe insurance company did not have to pay the proceeds because of the conceal-
ment of the drug abuse
.
6)
Undue
i
nf
l
uence is characterized by one party being put at a disadvantage in a con-
tract due to:
a.
a party taking advantage of superior knowledge about the subject matter in a contract
.
b.
a party taking advantage of a fiduciary relat
i
onship
.
c.
a party taking advantage of the other party's legal circumstances.
d.
a party taking advantage of economic advantage in a transaction.
Business Regulatory Framework MCQs Slide share.pdf
Chapter wise MCQs of Business regulatory framework / business law,
Business Regulatory Framework
Multiple Choice Questions
B.Com Semester -2
1) Law of contract is—
a) not the whole of agreements nor is it the whole law of obligations
b) the whole law of agreements
c) the whole law of obligations
d) none of the above.
2) A contract creates
a) rights in personam , b)rights in rem,
c)only rights and no obligations , d)only obligations and no rights.
3) An agreement is a voidable contract when it is –
a) enforceable if certain conditions are fulfilled. B)enforceable by law at the option of the aggrieved party .
c) enforceable by both parties
d) not enforceable at all.
4) An agreement not enforceable by law is said to be
a) void , b)voidable, c)valid, d)unenforceable, do illegal.
5) A contract
a) may be void as originally entered into
b) may become void subsequent to its formation
c) cannot become void under any circumstances
d) may become void at the will of party.
6) The transactions collateral to an illegal agreement are
a) not affected in any manner , b)also tainted with illegality c)voidable at the option of the plaintiff d)void
7) A contract is
a) a legal obligation b) an agreement plus a legal obligation
c) consensus ad idem, d) agreement plus a legal object.
8) Flaw in capacity to contract may arise from –
a) lack of free consent b) lack of consideration
c) minority d)absence of legal formalities.
9) Which of following result in an offer
a) A declaration of intention b)an invitation to offer,
c) an advertisement offering reward to anyone who finds lost dog of the advertise,
d) an offer made in a joke.
10) A specific offer can be accepted by
a)any person b)any friend of offerer
c) the person to whom it is made d)any friend of offeree.
11) A letter of acceptance sufficiently stamped and duly addressed is put into course of transmission. There is
a) a contract voidable at the option of acceptor b)a contract voidable at the option of offerer, c)no contract at all, d)a valid
12) Acceptance may be revoked by the acceptor
a)at any time b)before the letter of acceptance reaches the offerer c)after the letter of acceptance reaches the offeree d)before the death of the acceptor.
13) An advertisement to sell a thing by auction is a)an offer b)an invitation to offer
c)no offer at all d)a contract e) an obligation.
14) On the face of the ticket for a journey the words ―for conditions see back are printed in small print .The passenger –
a) is bound by the conditions whether he takes care to read them or not.
b) is not bound by the conditions
c) may not take note of the conditions
d) none of the above.
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Free consent/Law of Contract/Business Law
The document discusses the concept of free consent in contracts. It defines key terms like consent, coercion, undue influence, misrepresentation, and fraud.
Free consent is consent that is not caused by coercion, undue influence, fraud, misrepresentation, or mistake. Coercion involves threatening unlawful acts, while undue influence involves exploiting power dynamics in relationships.
Misrepresentation involves innocent factual errors, while fraud requires intentionally deceiving the other party. Examples are provided to illustrate these concepts. Threats of suicide can amount to coercion. The document compares coercion and undue influence and outlines the requirements for establishing misrepresentation and fraud.
Partnership act
The document discusses key concepts around partnerships under Indian law, including:
1. The essential elements of a partnership include an association of two or more persons, an agreement to carry on business together, and a sharing of profits.
2. The rights and duties of partners are outlined, with rights including participation in management, inspection of books, and sharing of profits, and duties including acting for the common advantage and not claiming remuneration.
3. Dissolution of a partnership can occur through compulsory, agreement-based, or court-ordered means, and winding up is the process of settling partnership affairs after dissolution.
Remedies for breach of contract
There are several remedies available when a contract is breached, including rescission of the contract, suits for damages, specific performance, injunction, or quantum meruit. Rescission allows the non-breaching party to terminate the contract. Suits for damages compensate for financial losses from the breach. Specific performance requires the breaching party to fulfill their contractual obligations. Injunctions prohibit parties from breaching negative terms. Quantum meruit pays for work already performed if full performance is impossible.
Essential elements of contract
This presentation describes about what is agreement and contract,what indian contract act says about,types of contract,essential elements of contract.
Remedies for breach of contract
REMEDIES FOR BREACH OF CONTRACT , tYPES OF BREACH OF CONTRACT Ramanaujan college , university of delhi,
Breach of contract
The document discusses breach of contract, including actual and anticipatory breach. It defines key terms like defaulting party and aggrieved party. In case of breach, the aggrieved party has several options for recourse under law, including cancelling the contract, claiming damages in compensation for losses, seeking specific performance of the contract, or obtaining an injunction [against the defaulting party]. Damages aim to financially remedy the aggrieved party and may include ordinary damages for expected losses as well as special, exemplary, or liquidated damages depending on the circumstances of the breach.
Presentation on Breach Of Contract
This document discusses various ways in which a contract can be discharged or terminated, including by performance, mutual agreement, breach of contract, impossibility of performance, or by operation of law. It defines different types of breaches, including material breach, minor breach, anticipatory breach, and actual breach. For each type of breach, an example is provided. The document also discusses remedies available to an injured party for breach of contract, including recession of contract, suit for damages, suit upon quantum meruit, suit for specific performance, and suit for injunction.
Sale of goods Act, 1930
The document discusses the key aspects of a contract of sale under Indian law. It begins by defining a contract of sale and differentiating between a sale and an agreement to sell. It then covers the essential elements of a valid contract of sale, implied conditions and warranties, caveat emptor, and how the transfer of property occurs. Specifically, it examines how property is transferred for unascertained goods, specific goods, and goods sold on approval. The document provides a comprehensive overview of contract of sale with examples to illustrate important legal concepts.
Consideration
Consideration is an essential element of a valid contract. It refers to something of value that is exchanged between parties to a contract in order to make the promise or promises in the contract legally enforceable. Consideration can be in the form of an act, forbearance, or a return promise. It must be something of value that is offered willingly. Common examples of consideration include payment of money, provision of goods or services, a promise to do or refrain from doing something. For a contract to be valid, consideration typically must be present and pass from one party to the other at the time the contract is formed.
Discharge of contract
Discharge of a contract means termination of contractual obligations between parties. A contract can be discharged in several ways including performance, agreement between parties, impossibility of performance, failure to provide facilities for performance, death, refusal of performance, unauthorized alterations, lapse of time, operation of law, and breach of contract. Some key ways are discharge by performance when both parties fulfill their obligations, and discharge by agreement/consent when parties mutually agree to novate, accept accord and satisfaction, remit obligations, or rescind the contract.
Free consent
The document discusses the essential elements of a valid contract under Indian law, focusing on the requirement of free consent. It defines key terms including consent, coercion, undue influence, misrepresentation, and mistake. For each term, it provides the legal definition from the Indian Contract Act and illustrations of how those concepts apply in assessing whether a contract is voidable due to a lack of free consent. Overall, the document outlines how lack of free consent due to coercion, undue influence, fraud, misrepresentation or mistake can potentially invalidate a contract.
BreAcH of ConTracT
Breach of Contract is the one of the most important Factors in the effective implementation of the contract done between the parties.
The breaching of contract is the acts that is done against the terms and conditions of the contract that can lead to the termination of the contract.
The breaching can be done by any of the parties.
Sale and agreement to sell under Law of Contract 2
Sale and agreement to sell under Law of Contract 2 where the difference or distinctive analysis between sale and agreement to sell is expressely mentioned with some of the provisions prescribed in the statutes of Law
Void Agreement
This document discusses void agreements under Indian contract law. It begins by defining an agreement and contract. It then explains that a void agreement is one that is not enforceable by law and does not create any legal obligations from the beginning. Several types of agreements are expressly declared void by the Indian Contract Act, including agreements in restraint of marriage, trade, or legal proceedings, agreements with uncertain meanings, wagering agreements, and agreements contingent on impossible events. Examples of cases related to various void agreements are also provided.
Conditions and warranties
This document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as a fundamental term of the contract, the breach of which allows the buyer to reject the goods and claim damages. A warranty is a collateral term, the breach of which only allows damages but not rejection. The document outlines the differences between conditions and warranties. It also discusses implied conditions and warranties imposed by law, such as title, description, fitness for purpose, and merchantability. The document provides examples to illustrate these legal concepts.
Contingent Contract
Contingent contracts are agreements that are dependent on the occurrence or non-occurrence of some future uncertain event, and performance under such contracts can only be enforced after the event in question has occurred or become impossible. The document outlines the essential elements and types of contingent contracts under Indian contract law, and explains the circumstances under which contingent contracts become void or enforceable.
Contract and its kinds
This document defines a contract and the essential elements for a valid contract, including offer, acceptance, and consideration. It distinguishes between agreements that are valid contracts and those that are void. A valid contract is enforceable by law if it fulfills the basic essentials. A void contract was initially valid but becomes unenforceable due to factors like becoming impossible to perform. In contrast, a void agreement is not enforceable from the start due to defects like the parties not being competent or the consideration being unlawful.
Hire purchase agreement
Hire purchase is a financing method for goods where ownership passes to the buyer after they pay installments over a set period. A hire purchase agreement specifies that goods are leased with the option to purchase via installments, with ownership transferring after the final payment. It differs from a normal sale in that the seller retains ownership until full payment and can repossess the goods if installments are missed.
Contract act 1872
The document discusses the Indian Contract Act of 1872 and provides definitions and classifications of contracts. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements for a valid contract, including offer, acceptance, lawful consideration and capacity. Contracts are classified based on their formation (express, implied, quasi), performance (executed, executory, partly executed) and enforceability (valid, void, voidable, illegal). Quasi-contracts are also discussed, which create obligations by operation of law rather than agreement. Various types of quasi-contracts are explained through examples.
Kinds of contract
This document defines and provides examples of different types of contracts: voidable (enforceable at the option of one party), void (unenforceable by law), unenforceable (valid but incapable of proof), executed (both parties performed obligations), executory (neither party performed yet), express (written or spoken terms), implied (inferred from conduct), quasi (resemble contracts but not actually contracts), and contingent (conditional on uncertain future event). Key differences include enforceability, whether obligations have been performed, and how the terms are established.
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Sale and agreement to sell under Law of Contract 2
Sale and agreement to sell under Law of Contract 2
Similar to BUSINESS LAW MCQ UNIT 1.docx
Please find below1)In general, what is the effect o.docx
Please find below:
1)
I
n general
,
what
i
s the effect of o
n
e party being mistaken about the subject matter of
a
c
ontract?
a.
The m
i
staken party can rescind t
h
e
c
ontract
.
b.
Either pa
r
ty ca
n r
esc
i
nd the cont
r
act
,
and the mistaken party can recover damages.
c.
Neither party
c
an rescind the co
n
tract or recover damages
.
d.
E
i
the
r
par
t
y can resc
i
nd the cont
r
act and
/
or recove
r
damages.
e.
Either party
c
an rescind the contract
.
2)
I
n Krysa v. Pa
in
e
,
whe
r
e Pai
n
e
'
s Car Company was found to have committed fraud
i
n the sa
l
e of a t
r
uck to Krysa
,
what did the court ru
l
e regard
i
ng the punitive damages
award?
a.
Punit
i
ve dama
g
es are a
l
lowed at 9
:
1 in cases involving persona
l
injury but
i
n
c
on-
tracts m
u
st adhe
r
e to a 3
:
1
r
atio.
b.
P
u
nitive damages a
r
e
l
imited to 9:1
i
n all cases.
c.
Punit
i
ve damages should
n
eve
r
have a cap or their funct
i
on as a dete
r
rent and punish-
ment would be
l
ost
.
d.
Punitive damages a
r
e not ava
il
ab
l
e
i
n a fraud act
i
on based on a contract
.
e.
Pun
i
t
i
ve damages of 27:
1
are perm
i
tted in cases of extreme fraud
.
3)
The k
n
ow
l
edge of a statement
'
s
f
a
l
sity
,
or the
"
gu
i
lty mind
,"
in a fraud in the induce-
ment case is a
l
so known as:
a.
paro
l
knowledge.
b.
just
i
f
i
ance
.
c.
reliance
.
d.
scienter.
e.
gui
l
ty inte
n
t
.
4)
Andre has made a statement that the average pe
r
son would realize
i
s puffery. And
r
e
is guilty of:
a.
duress
.
b.
fraud
.
c.
innocent misrepresentat
i
on
.
d.
undue
i
nfluence.
e.
nothing
.
5)
In Wilson v. Western Nationa
l
Life
I
nsu
r
ance Company,
i
nvolving the party who lied
allegedly regarding prior drug abuse in order to obtain life insurance, what was
the holding of the court when the pa
r
ty
l
ater died from a drug overdose?
The l
i
fe insurance company had to pay the proceeds because if the plaintiff's medical
records had been consulted, the drug abuse would have been discovered.
a.
The
li
fe
i
nsurance d
i
d not have to pay the proceeds only because the deceased's wife
was unaware of the misrepresentation.
b.
The l
i
fe insurance had to pay the proceeds because the deceased's wife actually paid
the premiums.
c.
The life insurance company had to pay the proceeds because the plaintiff was not
using drugs during the time the application for insurance was made.
d.
The l
i
fe insurance company did not have to pay the proceeds because of the conceal-
ment of the drug abuse
.
6)
Undue
i
nf
l
uence is characterized by one party being put at a disadvantage in a con-
tract due to:
a.
a party taking advantage of superior knowledge about the subject matter in a contract
.
b.
a party taking advantage of a fiduciary relat
i
onship
.
c.
a party taking advantage of the other party's legal circumstances.
d.
a party taking advantage of economic advantage in a transaction.
Business Regulatory Framework MCQs Slide share.pdf
Chapter wise MCQs of Business regulatory framework / business law,
Business Regulatory Framework
Multiple Choice Questions
B.Com Semester -2
1) Law of contract is—
a) not the whole of agreements nor is it the whole law of obligations
b) the whole law of agreements
c) the whole law of obligations
d) none of the above.
2) A contract creates
a) rights in personam , b)rights in rem,
c)only rights and no obligations , d)only obligations and no rights.
3) An agreement is a voidable contract when it is –
a) enforceable if certain conditions are fulfilled. B)enforceable by law at the option of the aggrieved party .
c) enforceable by both parties
d) not enforceable at all.
4) An agreement not enforceable by law is said to be
a) void , b)voidable, c)valid, d)unenforceable, do illegal.
5) A contract
a) may be void as originally entered into
b) may become void subsequent to its formation
c) cannot become void under any circumstances
d) may become void at the will of party.
6) The transactions collateral to an illegal agreement are
a) not affected in any manner , b)also tainted with illegality c)voidable at the option of the plaintiff d)void
7) A contract is
a) a legal obligation b) an agreement plus a legal obligation
c) consensus ad idem, d) agreement plus a legal object.
8) Flaw in capacity to contract may arise from –
a) lack of free consent b) lack of consideration
c) minority d)absence of legal formalities.
9) Which of following result in an offer
a) A declaration of intention b)an invitation to offer,
c) an advertisement offering reward to anyone who finds lost dog of the advertise,
d) an offer made in a joke.
10) A specific offer can be accepted by
a)any person b)any friend of offerer
c) the person to whom it is made d)any friend of offeree.
11) A letter of acceptance sufficiently stamped and duly addressed is put into course of transmission. There is
a) a contract voidable at the option of acceptor b)a contract voidable at the option of offerer, c)no contract at all, d)a valid
12) Acceptance may be revoked by the acceptor
a)at any time b)before the letter of acceptance reaches the offerer c)after the letter of acceptance reaches the offeree d)before the death of the acceptor.
13) An advertisement to sell a thing by auction is a)an offer b)an invitation to offer
c)no offer at all d)a contract e) an obligation.
14) On the face of the ticket for a journey the words ―for conditions see back are printed in small print .The passenger –
a) is bound by the conditions whether he takes care to read them or not.
b) is not bound by the conditions
c) may not take note of the conditions
d) none of the above.
Llb i bpoc u 1 indian contract act- 1872
The document discusses the key principles of contract law in India as outlined in the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law, requiring offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty. It outlines the essential elements that must be present for an agreement to constitute a valid contract. The document also categorizes contracts based on their validity, formation, performance obligations, and provides examples of different types of contracts.
Foundation level law_extra_multiple_choice_questions_practice_sheet
This document contains multiple choice questions about the basics of the Indian Contract Act of 1872. It tests knowledge on various topics including:
- The structure and provisions of the Indian Contract Act
- The definition and classification of different types of contracts (void, voidable, bilateral, unilateral, etc.)
- The requirements for a valid contract (offer, acceptance, consideration, etc.)
- The rights and obligations created by contracts
- The application and overriding nature of the Indian Contract Act
The questions cover foundational concepts in contract law in India such as agreement, consideration, rights and duties of parties, validity of contracts, and classification of contracts.
Law question
This document discusses various concepts related to contract law in Turkey. It addresses:
1) Form requirements for contracts over 2500 TL according to Turkish civil procedure law. While the form is required for proof, contracts are still valid without it but cannot be enforced in court.
2) Fictitious or simulated transactions where parties intend to mislead third parties rather than reflect their true intentions, including relative and absolute types.
3) Essential mistakes that allow the mistaken party to avoid the contract, such as mistakes regarding the nature, subject, identity of parties, or necessary elements.
4) Fraud, which also allows avoiding the contract if it induced consent, even without an essential mistake, if there is
Contract act
This document outlines questions about various aspects of contract law:
1) It asks about the definition of performance of a contract and who is liable if the promisor dies. It also asks to define quasi-contracts and explain the doctrines of quantum meruit and unjust enrichment.
2) It asks about rescission of contracts, types of damages, injunction suits, and suits for specific performance.
3) It asks to define contracts of indemnity, guarantee, and agency, and discuss their special features.
4) It discusses the rule that courts aim to place the injured party in the same position as if the contract had been performed when a contract is broken.
Business law lec-1
This document discusses the key elements of a valid contract under the Contract Act of 1872 in Pakistan. It explains that a contract is a legally binding agreement between two or more parties that creates rights and obligations. For an agreement to be considered a valid contract, it must meet several essential elements: there must be an offer and acceptance, lawful consideration, capacity of the parties to contract, free consent, a lawful object, certainty of terms, and compliance with any formalities required by law. The document outlines each of these essential elements in detail.
BL Lecture 3 (Contract Act 1872).pptx
This document provides an overview of contract law basics in Pakistan. It defines a contract as an agreement that is legally enforceable. The key elements that must be present for an agreement to constitute a valid contract are: offer and acceptance, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, and compliance with any formalities required by law. The document outlines each of these essential elements in detail and provides examples. It explains that the Contract Act of 1872 in Pakistan governs when promises will be legally binding and affects business, commerce and industry through establishing rights and obligations of contracting parties.
Indian Contract act
This document contains questions about various aspects of contract law:
1) It asks about the performance of contracts, including who is liable if the promisor dies and defines quasi-contracts and the doctrines of quantum meruit and unjust enrichment.
2) It discusses remedies for breach of contract like rescission and damages, and asks about injunctions and specific performance.
3) It asks for definitions of contracts of indemnity, guarantee, and agency and their special features.
4) It discusses the goal of awarding damages to place the injured party in the position they would have been in if the contract was performed.
5) It asks about the duties and rights of finders of goods and whether
Business law lec-2
This document discusses the key elements of a valid contract under the Contract Act of 1872 in India. It explains that a contract is a legally binding agreement between two or more parties that creates rights and obligations. For an agreement to be considered a valid contract, it must meet several essential elements: there must be an offer and acceptance, lawful consideration, capacity of the parties to contract, free consent, a lawful object, certainty of terms, and compliance with any formalities required by law. The document outlines each of these essential elements in detail.
Ch# 1.pptx
This document provides an overview of business law and contracts in Pakistan. It discusses key topics such as the definition of law and business law, essential elements of a valid contract including offer, acceptance, consideration and capacity of parties. It also classifies contracts according to enforceability, formation, parties and performance. The Contract Act of 1872 is the main law governing contracts in Pakistan and covers general contract principles and specific contract types like indemnity and agency.
Ibps law modelpaper
This document contains a model paper for an IBPS Specialist Officers LAW exam with 46 multiple choice questions covering various legal topics like contracts, guarantees, banking regulations, negotiable instruments, companies act, partnership act, and more. Each question has 5 answer options with only one correct answer. The questions test understanding of key concepts, legal provisions, and case laws related to different areas of banking and commercial laws in India.
Business Law Unit-2, BBA I Year Osmania University
Business Law BBA I Year Osmania University, Contingent Contracts, Features of Contingent Contract, Rules of Contingent Contracts, Discharge of Contracts, modes of discharge of contracts, Breach of Contract, Remedies for Breach of Contract, Types of Damages.
A indian contract act-1872
This document provides an overview of contract law in India according to the Indian Contract Act of 1872. It discusses key concepts such as the definition of a contract, essential elements of a valid contract including offer, acceptance, consideration, capacity and consent. It also describes different types of agreements that do not constitute legally binding contracts. The summary is as follows:
1) The Indian Contract Act of 1872 governs contract law in India and defines a contract as an agreement enforceable by law involving an offer, acceptance and consideration.
2) Essential elements of a valid contract include offer and acceptance, lawful consideration, capacity and consent of parties, lawful object, and certainty of terms.
3) Not all agreements are considered
1615457034395_business law.ppt
This document discusses the key elements of a valid contract under Indian law. It defines a contract and outlines the essential elements, including offer and acceptance, consideration, capacity of parties, free consent, and lawful object. It also classifies different types of contracts such as valid/invalid, express/implied, executed/executory, unilateral/bilateral contracts. The document provides examples and explanations of concepts like offer, acceptance, consideration and rules regarding their validity. Overall, it serves as a comprehensive overview of the fundamentals of contract law in India.
Contract Law Test and Answers November 2017
1. Consideration is what each party provides in a contract, such as money for goods. Executed consideration involves a thing in return for a promise, while executory consideration involves promises to perform future acts.
2. A party cannot claim consideration for doing something they are already legally obligated to do. A contract also requires an unforeseen event that radically changes completion and is not caused by either party to discharge the contract due to frustration.
3. An offer must be clearly defined and accepted for a contract to form, and an offer can end through rejection, lapse of time, or revocation. Acceptance generally occurs when a letter is posted, not received.
Business law
The Indian Contract Act of 1872 is the main source of contract law in India. It defines a contract as an agreement that is enforceable by law. The Act has two parts - the first deals with general contract principles and the second addresses special types of contracts. A valid contract requires an offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty of terms. The Act also defines key elements like proposal, acceptance, and consideration and classifies contracts as valid, void, voidable, unenforceable, and illegal.
Running head TITLE 1TITLE 6TitleStudent Name.docx
Running head: TITLE
1
TITLE
6
Title
Student Name
University Name
Title
1) When statutes are passed only after considerable study, debate and public input, this is an example of which function of the law?
A. Keeping the peace.
B. Shaping moral standards.
C. Maintaining the status quo.
D. Facilitating orderly change.
2) What was the U.S. Supreme Court’s reaction to a case where a business executive was found guilty of aiding and abetting in the bribery of an Internal Revenue Service Agent even though the Internal Revenue Service agent had been found not guilty of the bribery in a separate trial?
A. Because of the inconsistent outcomes, a third combined trial was ordered to reconcile the different outcomes.
B. This simply underscores the fact that there is always the possibility that different juries might reach different results in a given situation.
C. Because one of the defendants had been found guilty, then both should have been found guilty.
D. Because one of the defendants had been found not guilty, they both should have been found not guilty.
3) Which of the following is most consistent with the Natural Law School of jurisprudence?
A. The laws of man are secondary to the laws of nature, and thus the laws of nature take precedence whenever the laws of man are in conflict with the laws of nature.
B. By applying the rules of logic to specific cases, the logical, or natural, result will be obtained.
C. Law is based on moral and ethical principles of what is right, and it is the job of men and women, through study, to discover what these principles are.
D. The law is a reflection of society, thus the law must change naturally as society changes over time.
4) Which of the following statements is true regarding the relationship of law and ethics?
A. In some cases the law will require a higher standard of conduct than ethics, but never vice versa.
B. Depending on the circumstances, the law can require a higher, lower, or the same standard of conduct as ethics demands.
C. The legal requirements will almost always be the same as the ethical requirement because the law is based on the ethical standards.
D. In some cases ethics will require a higher standard of conduct than the law, but never vice versa.
5) Which of the following is correct with regard to the relationship between law and ethics?
A. Lawful conduct is always ethical conduct.
B. Although much of law is based on ethical standards, not all ethical standards have been enacted as law.
C. The rule of law and the golden rule of ethics demand the same response.
D. The law may not .permit something that would be ethically wrong.
6) Which of the following is not one of the Caux Round Table Principles for International Business?
A. Promotion of Multiculturalism.
B. Respect for the Environment.
C. Avoidance of Illicit Operations.
D. Support for Multilateral Trade.
7) In a civil case, which of the following is true about the order of the prese.
Contract law lecture - 1 - definition and meaning(terminology)
The document discusses the definition and key concepts of contract law in India. It provides:
1) A definition of law and an overview of the Indian Contract Act, which establishes the general principles of contract law and special types of contracts.
2) Definitions and explanations of key contract terms like offer, acceptance, consideration, agreement, and void, voidable, and valid contracts.
3) An explanation that all contracts are agreements but not all agreements are contracts, as contracts must meet additional requirements of enforceability.
4) An overview of the essential elements a contract must have to be valid like offer, acceptance, lawful consideration, capacity of parties, free consent, lawful object, and certainty.
remedies of breach
This document discusses various remedies available for breach of contract, including damages, specific performance, injunction, and quantum meruit. Damages are the most common remedy and involve monetary compensation to put the injured party in the position they would have been had the contract been performed. Specific performance and injunction are equitable remedies that may be granted to require a breaching party to fulfill their contractual obligations or be restrained from further breach. Quantum meruit allows recovery of the value of work performed under contracts that are later found to be invalid. All actions for breach of contract must be commenced within six years under the Limitation Act.
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在线办理(SU毕业证书)美国雪城大学毕业证成绩单一模一样
学校原件一模一样【微信：741003700 】《(SU毕业证书)美国雪城大学毕业证成绩单》【微信：741003700 】学位证，留信认证（真实可查，永久存档）原件一模一样纸张工艺/offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
本公司拥有海外各大学样板无数，能完美还原。
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
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二.真实使馆公证(即留学回国人员证明,不成功不收费)
三.真实教育部学历学位认证（教育部存档！教育部留服网站永久可查）
四.办理各国各大学文凭(一对一专业服务,可全程监控跟踪进度)
如果您处于以下几种情况：
◇在校期间，因各种原因未能顺利毕业……拿不到官方毕业证【q/微741003700】
◇面对父母的压力，希望尽快拿到；
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◇回国时间很长，忘记办理；
◇回国马上就要找工作，办给用人单位看；
◇企事业单位必须要求办理的
◇需要报考公务员、购买免税车、落转户口
◇申请留学生创业基金
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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