Topics of Law T...

A, B & C jointly promise to pay D Rs. 6,000. C is insolvent but his assets are sufficient to pay one half of his debts. Decide.

An estate is sold for arrears of revenue. As per the Law, the defaulter is prohibited from purchasing it. B agrees to purchase the estate and covey it back to A for the price which B has paid. The agreement is_____.

A, by a misrepresentation, leads B erroneously to believe that, five hundred maunds of indigo are made annually at A's factory. B examines the accounts of the factory, which show that only four hundred maunds of indigo have been made. After this, B buys the factory.

K, who is-trying to sell an unsound horse, forges a Veterinary Surgeons certificate stating the horse to be sound and pins it on the stable door. P comes to examine the horse but the certificate goes unnoticed by him. P buys the horse and finds later on the horse to be unsound.

Identify which of the following statement is true and which is false.
I. A void contract is one which is destitute of legal effects altogether.
II. An illegal contract has no legal effect as between the immediate parties to the contract, but has the further effect of tainting the collateral contracts with illegality.
Select the correct answer from the options given below-

When a party to a contract promises to do a certain thing at or before a specified time and fails to do such thing at or before a specified time, ______.

If one of party to contract is ready to perform his part but other party is not ready to accept performance, it is known as _____.

Where a, debtor, owing several distinct debts to one person, makes a payment to him, either with express intimation implying, that the payment is to be applied to the discharge of some particular debt, the payment if accepted, must be applied accordingly.

Where the debtor has omitted to intimate, and there are no other circumstances indicating to which debt the payment is to be applied, the creditor may apply it at his discretion to any lawful debt actually due and payable to him from the debtor, whether its recovery is or is not barred by the law in force for the time being as to the limitations of suits.

As per Section 124 of Indian Contract Act, 1872, a contract of _______ is a contract by which one party promises to save the other party from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person.