Topics of Law Test 47

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Topics of Law Test 47

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Question 1
1 / -0

Which of the following is correct?

A
An agreement in restraint of trade is always void.

B
An agreement in restraint of trade is void even if restrictions imposed are reasonable.

C
An agreement in restraint of trade is valid even if restriction imposed was unreasonable.

D
None of the above
Question 2
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Which of the following is correct?

A
If time & date is specified for performance for promise, then performance can be given at any time & date

B
Where contract consists of two promises which are consideration for each other, then promises are called open cross promises

C
Assignment includes negotiation

D
All of the above
Question 3
1 / -0

Bholaram agreed to pay a certain sum when he was able to pay to Sitaram. Agreement is void because _____.

A
There is no consideration

B
Bholaram is exercising fraud on Sitaram

C
There is misrepresentation

D
There is uncertainty

Solution

Section 10 of the Indian Contract Act, 1872 states that a valid contract must have a lawful consideration. Further, Section 29 states that where the meaning of the agreements cannot be made certain it is void. In the present instance, the amount of consideration as well as the time period for payment cannot be ascertained.
Question 4
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Legal Principle: A counter offer does not give rise to contractual binding.

Factual Situation: D wrote to P on 28 November, 1971, offering to sell 800 tonnes of iron at Rs.6,900 per tonne. On the same day, P wrote to D offering to buy 800 tonnes of iron Rs.6,900 per tonne. The two letters crossed in post and neither of them knew any thing about the offer to the other. P contended that there was a good contract.
Issue: What is the nature of contract and liabilities of the parties?

A
There was no valid contract because an agreement results into a contract when there is an offer from one side and its acceptance from the other side, so no question of any liability rises.

B
It is a voidable contract at the option of D because D had offered to sell the product.

C
It is voidable contract at the option of P because P had offered to buy the product.

D
None of these.

Solution

Here there is no contract as one of the essential elements for constituting a contract is that there should be an offer and it should be accompanied by an acceptance to it. As it can be noted in the given circumstances that both P and D gave offer to each other which are identical in all the respect this does not constitute a contract as it is just an offer from both the sides ( P and D) and there is no acceptance from any of them. This might constitute a contract only when one of them asserts to it, meaning gives acceptance to it. A cross offer is just an offer until and unless someone gives acceptance to it.
Question 5
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Agreements which are uncertain are _____.

A
Uncertain contracts

B
Valid

C
Void

D
Contingent
Question 6
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Ram agrees to sell to Rahim, 100 tons of oil. Ram deals only in coconut oil. The agreement is ______.

A
Void

B
Enforceable

C
Valid

D
(B) & (C) above

Solution

Section 29 of the Indian Contract Act, 1872 lays down that the agreements in which the meaning of the terms are not certain and also not capable of being made certain, are void. But illustration to this provision states that in the given case where goods are being sold by the dealer of oil, it can be said fro certain that a dealer intends to sell certain quantity of oil to his customer. Therefore, the nature of trade is indicative of a valid contract.
Question 7
1 / -0

Ram agrees to sell to Rahim, 100 tons of oil. The agreement is _____.

A
Void

B
Voidable

C
Illegal

D
Enforceable

Solution

Section 10 of the Indian Contract Act, 1872 requires the following essential criteria to be fulfilled for a valid contract:
(1) parties have capacity to contract.
(2) there must be a lawful object and consideration
(3) there must be free consent and the terms and conditions must be certain.
In the current example, there is no lawful consideration being provided.
Question 8
1 / -0

Performance under the contract must be ______.

A
Conditional

B
Unconditional

C
Complete as to 2/3rd value of contract

D
None of the above
Question 9
1 / -0

A agrees to sell to B, 100 quintals of rice at a price to be fixed by C. This agreement is _____.

A
Voidable at the option of A

B
Voidable at the option of B

C
Voidable at the option of C

D
Valid & enforceable by both the parties
Question 10
1 / -0

When a contract consists of reciprocal promises to be simultaneously performed, _____.

A
Promise needs to be performed by the promisor whose age is less than the other

B
Promise needs to be performed by the promisor who is ready and willing to perform his promise first

C
No promisor needs to perform his promise unless the promisee is ready and willing to perform his reciprocal promise

D
Promises are not required to be performed as contracts consisting of reciprocal promises to be simultaneously performed are specifically declared to be void

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Topics of Law Test 47

Result

Topics of Law Test 47

Score

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Rank

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SHARING IS CARING

Question 1

An agreement in restraint of trade is always void.

An agreement in restraint of trade is void even if restrictions imposed are reasonable.

An agreement in restraint of trade is valid even if restriction imposed was unreasonable.

None of the above

Question 2

If time & date is specified for performance for promise, then performance can be given at any time & date

Where contract consists of two promises which are consideration for each other, then promises are called open cross promises

Assignment includes negotiation

All of the above

Question 3

There is no consideration

Bholaram is exercising fraud on Sitaram

There is misrepresentation

There is uncertainty

Solution

Question 4

There was no valid contract because an agreement results into a contract when there is an offer from one side and its acceptance from the other side, so no question of any liability rises.

It is a voidable contract at the option of D because D had offered to sell the product.

It is voidable contract at the option of P because P had offered to buy the product.

None of these.

Solution

Question 5

Uncertain contracts

Valid

Void

Contingent

Question 6

Void

Enforceable

Valid

(B) & (C) above

Solution

Question 7

Void

Voidable

Illegal

Enforceable

Solution

Question 8

Conditional

Unconditional

Complete as to 2/3rd value of contract

None of the above

Question 9

Voidable at the option of A

Voidable at the option of B

Voidable at the option of C

Valid & enforceable by both the parties

Question 10

Promise needs to be performed by the promisor whose age is less than the other

Promise needs to be performed by the promisor who is ready and willing to perform his promise first

No promisor needs to perform his promise unless the promisee is ready and willing to perform his reciprocal promise

Promises are not required to be performed as contracts consisting of reciprocal promises to be simultaneously performed are specifically declared to be void

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