Chapter 29: Elements of Contract — Online MCQ Test
COMMERCE · CLASS 11th · Tamil Nadu State Board
Practice Chapter 29: Elements of Contract with a free chapter-wise online MCQ test.
This chapter covers: Exploring legal foundations under the Indian Contract Act this chapter details essentials of a valid contract. Students study offer acceptance consideration capacity legal object a....
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Chapter 29: Elements of Contract — Important Questions & Answers
According to Section 2(h) of the Indian Contract Act, 1872, an agreement enforceable by law is a ________.
- A. Void agreement
- B. Contract
- C. Proposal
- D. Voidable contract
Answer: B. Contract
Section 2(h) defines a contract as an agreement enforceable by law.
Section 2(h) defines a contract as an agreement enforceable by law.
Which of the following is NOT an essential element of a valid contract?
- A. Free consent
- B. Lawful object
- C. Registration of the contract
- D. Competency of parties
Answer: C. Registration of the contract
Registration is not a mandatory legal requirement for the formation of a general valid contract under the Indian Contract Act.
Registration is not a mandatory legal requirement for the formation of a general valid contract under the Indian Contract Act.
If 'A' offers to sell his car to 'B' for Rs. 50,000 and 'B' agrees, this results in a ________.
- A. Proposal
- B. Void agreement
- C. Promise
- D. Counter-offer
Answer: C. Promise
When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted and becomes a promise.
When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be accepted and becomes a promise.
Analyze the following: A promises to pay B Rs. 10,000 if B kills C. This contract is ________.
- A. Valid
- B. Voidable
- C. Illegal and void
- D. Enforceable
Answer: C. Illegal and void
The object of this agreement is criminal in nature, making the contract illegal and void ab initio.
The object of this agreement is criminal in nature, making the contract illegal and void ab initio.
Which of the following scenarios constitutes a 'Counter-offer'?
- A. A offers to sell a watch for Rs. 500, B says 'I accept'.
- B. A offers to sell a watch for Rs. 500, B says 'I will buy it for Rs. 400'.
- C. A offers to sell a watch, B asks 'What is the condition of the watch?'.
- D. A offers to sell a watch, B agrees to buy at Rs. 500.
Answer: B. A offers to sell a watch for Rs. 500, B says 'I will buy it for Rs. 400'.
A counter-offer occurs when the offeree changes the terms of the original offer, effectively rejecting the original offer and creating a new one.
A counter-offer occurs when the offeree changes the terms of the original offer, effectively rejecting the original offer and creating a new one.