Arbitration

Choose the best alternative: CONTRACT ACT

1. A contract is a combination of two elements:
a) An agreement and an obligation b) promisee and a promise
c) Promisor and a promise d) agreement and contract
2. Consensus ad idem means both the parties to an agreement must agree about the subject matter of the agreement in
a) Different sense and at different time b) different sense and same time
c) Same sense and same time d) same sense and different time
3. A valid contract must be
a) Agreement, consent from both parties, lawful consideration, between competent parties
b) Agreement, consent from both parties, lawful consideration, between competent parties and made for a lawful object
c) Agreement, consideration from both parties, between competent parties, lawful consideration
d) Agreement, consideration from both parties, lawful consideration, between competent parties and made for a lawful object
4. A advertises in the newspapers that he will pay rupees one thousand to anyone who restores to him his lost son. B without knowing of this reward finds A’s lost son and restores him to A. In this case, B cannot claim the reward from A even though he finds A’s lost son and restores him to A
a) Since B did not know the reward and thus he did not accept the proposal
b) Since A was unwilling to pay the reward
c) Since the restored person was not A’s son
d) Since B was not willing to take the reward

5. A ticket bought becomes an offer and acceptance
a) True b) False
b) Don’t know c) Not in this category
6. A mere promise does not become enforceable by law. The promisee should give something in return to the promisor. This something in return is termed as
a) Valid contract b) Agreement
c) Consideration d) Promise
7. The types of consideration include
a) Executory, executed and Past act b) Future act and Past act, Executory
c) Executory, Present act and Executed d) Executed, future act and present
8. A son’s promise to stop being a... [continues]

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