Sub : Corporate Law
In the following statements only one is correct statement. Explain Briefly?
i) ii) iii)
An invitation to negotiate is a good offer. A quasi-contract is not a contract at all. An agreement to agree is a valid contract.
Ans : i) Incorrect : - Its not an offer only an indication of a willingness to consider any offers and counter offers. ii) Correct : A quasi contract is a fictional contract created by courts for equilable, not contractual purposes. A quasi – contract is not an actual contract, but is a legal substitute for a conterformed to impose equity between two parties the concept of a quasi – contract that show have been formed, even through in actually it was net. It is used when a court finds it appropriate to crecite an obligation upon a non – contracting party to avoid injusand to ensure fciwiness. It is invoved in circumstances of unjust enrichment an is connected with the concept of restitutes. iii). Incorrect : All contracts are agreement to all agreement not contracts. A
contract is a legally binding agreement relationship that exist between two or more parties to do obstain from perfoming certain acts. An agreement is form of ceios reference between different parties, which may be written, oral and lies upon the no of the parties for its fulfillment rather the being in anyway enforceable. It follows, therefore, that the loss of profit here cannot reasonnily be considered such a consequence of the breach of contract as could have been family and reasonably contemplated by both the parties when they made this contract.
A ship-owner agreed to carry to cargo of sugar belonging to A from Constanza to Busrah. He knew that there was a sugar market in Busrah and that A was a sugar merchant, but did not know that he intended to sell the cargo, immediately on its arrival. Owning to Shipment‟s default, the voyage was delayed and sugar fetched a lower price than it would have done had