Indian Contract Act - Study Mode

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[#561] Indian Contract Act:- In a contract in which time is not essence of the contract, the failure to perform the contract before specified time-

(A) Contract win become void

(B) The Promisee is entitled to compensation from the promisor for any loss occasioned to him by such failure

(C) Contract will become voidable at the option of the promisor

(D) Contract will become voidable at the option of the promisee

Correct Answer

(B) The Promisee is entitled to compensation from the promisor for any loss occasioned to him by such failure

[#562] Consideration for the contract signifies:

(A) Equality in contracts

(B) Fairness in contract terms

(C) The bargain element in a contract

(D) Valuation of the contract

Correct Answer

[#563] Which of the following statement is correct?

Correct Answer

(C) Acceptance has to be made in the manner prescribed or indicated by the offeror
(G) A person who rightfully rescinds a contract is entitled to compensation for any damage which he has sustained through the non-fulfilment of the contract
(K) Stranger to consideration can enforce a promise

[#564] When the contract is perfectly valid but cannot be enforced because of certain technical defects. This is called

(A) Unilateral Contract

(B) Bilateral Contract

(C) Unenforceable Contract

(D) Void Contract

Correct Answer

[#565] Past consideration is valid in

(A) England only

(B) India only

(C) Both in England & India

(D) Neither in England nor in India