An Agreement Not Enforceable By Law Is Said To Be Void
BUSINESS LAW. I SEM MBA
ONE MRKS QUESTIONS:
1. What is void agreement
Void means having no legal value and agreement means Arrangement, promise or contract made with somebody. So void agreement means an agreement that has no legal value.
“An agreement not enforceable by law is said to be void”. [Sec 2(g)]
A void agreement has no legal effect. An agreement which does not satisfy the essential elements of contract is void. Void contract confers no rights on any person and creates no obligation.
2. what is voidable contract
Voidable Contract - An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others,
3. Define quasi contract
It is an obligation imposed by law in the absence of a contract to prevent unjust enrichment.
4. what is offer, acceptance, consideration, consent and capacity to contract
offer ; According to sec 2[a] “ When one person signifies to another his willingness to door to abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence he is said to make an offer.
The offer is also known a proposal or it is also caller promise.
The person who makes the offer is called an offeror.
The person to whom the offer is made is called offeree
Acceptance is defined as ” When the person to whom the proposal is made signifies his assent there to the proposal is said to be accepted.
Consideration :When at the desire of the promissor, the promisee or any other person has done or abstained from doing, does or abstains from doing, promises to do or abstain from doing something such act or abstains or promise is called the consideration for the promise
Consent of the parties means that there is perfect identify of mind of both parties and there should not be any misunderstanding the subject matter of the contract.
Section 13 of Indian Contract Act says
“two or more persons said to consent when they agree upon the same
ONE MRKS QUESTIONS:
1. What is void agreement
Void means having no legal value and agreement means Arrangement, promise or contract made with somebody. So void agreement means an agreement that has no legal value.
“An agreement not enforceable by law is said to be void”. [Sec 2(g)]
A void agreement has no legal effect. An agreement which does not satisfy the essential elements of contract is void. Void contract confers no rights on any person and creates no obligation.
2. what is voidable contract
Voidable Contract - An agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of the other or others,
3. Define quasi contract
It is an obligation imposed by law in the absence of a contract to prevent unjust enrichment.
4. what is offer, acceptance, consideration, consent and capacity to contract
offer ; According to sec 2[a] “ When one person signifies to another his willingness to door to abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence he is said to make an offer.
The offer is also known a proposal or it is also caller promise.
The person who makes the offer is called an offeror.
The person to whom the offer is made is called offeree
Acceptance is defined as ” When the person to whom the proposal is made signifies his assent there to the proposal is said to be accepted.
Consideration :When at the desire of the promissor, the promisee or any other person has done or abstained from doing, does or abstains from doing, promises to do or abstain from doing something such act or abstains or promise is called the consideration for the promise
Consent of the parties means that there is perfect identify of mind of both parties and there should not be any misunderstanding the subject matter of the contract.
Section 13 of Indian Contract Act says
“two or more persons said to consent when they agree upon the same