Kinds or Classification of Contract

Kinds or Classification of Contract

I.                    Classification on the basis of creation or formation

1.      Express Contract

2.      Implied Contract

3.      Quasi-Contract

1.      Express Contract: An express contract may be created orally, i.e. by words spoken or in writing. When one party makes the offer by words spoken or written and the other party accepts the same, accordingly, there is an express contract created.

2.      Implied Contract: An implied contract is created by the conduct or acts of the parties and not by words spoken or in writing

3.      Quasi Contract: Such contracts are not expressly or impliedly by the party or parties but are created by law on the equitable principle that a person shall not be allowed to become rich at the expense of the other.

II.                  Classification on the basis of validity:

1.      Valid Contract

2.      Void agreement

3.      Void Contract

4.      Voidable Contract

5.      Illegal agreement

6.      Unenforceable agreement

     1.      Valid Contract: An agreement enforceable at a court of law is called valid contract. It must have all      the essential elements discussed earlier.

      2.      Void agreement: An agreement not enforceable at a court of law is a void agreement. (sec 2(g))

      3.      Void Contract: originally an agreement may have been enforceable when it was made. But           subsequently due to impossibility or illegality, it may become void. Such an agreement is called a void contract. [Sec 2(i)].

    4.      Voidable Contract: An agreement which is enforceable, by law at the option of one or more of the        parties but not at the option of the other or others, is voidable contract. [Sec 2(i)].

    5.      Illegal agreement: An agreement to do an act which is prohibited by law is called an illegal agreement.

   6.      Unenforceable agreement: The term unenforceable contract is used for those contracts which are perfectly valid but cannot be enforced due to certain technical effect, such as under stamping.

Important MCQ in Commerce: Basic Objective Question

     Important MCQ in Commerce: Business Legislation

Indian Contract Act 1872

      01.  A Proposal When Accepted becomes a 

(a) Promise

(b) Contract

(c) Offer

(d) Acceptance

    02.  A contract for the benefit of the minor is:

(a)    Valid

(b)   Void

(c)    Voidable

(d)   Illegal

     03. Every promise and every set of promises, forming the consideration for each other, is an

(a)    Agreement

(b)   Contract

(c)    Offer

(d)   Acceptance.

04.  Which is correct?

a.       Proposal + acceptance = promise

b.      Promise + consideration = agreement

c.       Agreement + enforceability = contract

d.      All the above.

05.  Goods displayed in a shop with a price tag is an

a.       Offer

b.      Invitation to offer

c.       Counter offer

d.      None of the above.

06.  An acceptance can be revoked

a.       At any time before the communication of acceptance is complete as against the promisee

b.      After its acceptance comes to the knowledge of the promisee

c.       Both (a) & (b)

d.      Neither (a) nor (b).

07.  Which one of the following is correct

a.       Past consideration is no consideration

b.      Consideration can be past, present or future

c.       Consideration can only be present

d.      Consideration can only be present & future.

08.  Parties are not competent to contract if any of them is

a.       Minor

b.      Insane

c.       Declared unqualified

d.      All the above.

09.  An agreement in restraint of marriage under section 26 is

(a) Void

(b) Voidable

(c) Valid

(d) Unenforceable

 Important MCQ in Commerce: Business Legislation

Sale of Goods Act 1930

             10.  The Sale of Goods Act came into force w.e.f.

(a)    1920

(b)   1930

(c)    1936

(d)   1948

 Important MCQ in Commerce: Business Legislation

Consumer Protection Act 1986

11.  Under Consumer Protection Ac t 1986, minimum number of members in the National Commission shall be-

(a)    2

(b)   3

(c)    4

(d)   5

 Important MCQ in Commerce: Company Law

             12.   Which of the following alternatives is correct?

            (a) Every person can issue a promissory note payable to bearer on demand

            (b) Every person can issue a bill payable to bearer on demand

            (c) A cheque is always payable on demand

            (d) A cheque can be issued on any drawee.

      13. Maximum capital of private company is

                 a) 50 Lakhs

                 b) 1 Crore

                c) 1.5 Crore

                d) Unlimited.

         14. Can a Company hold an AGM on public holiday?

               a) Yes 

               b) No 

               c) Occasionally 

               d) If article permits for the same

 Important MCQ in Commerce: Auditing

       15. In which of the following cases, it was decided that “it is not the duty of an auditor to valuate stock”?

               (a) London and General Bank case

               (b) London Oil Storage Company case

               (c) Kingston Cotton Mill Case

               (d) None of the above

Model Syllabus for Agricultural Marketing

Agricultural Marketing

Introduction: Concept and Significance of Agricultural Marketing; Functions of Agricultural Marketing; Agricultural Marketing Planning Process; Agricultural Marketing Costs; Problems of Agricultural Marketing; Agricultural Marketing and Credit.

Agricultural Consumers and Markets: Nature and Types of Agricultural Consumers; Buying Behaviour of Agricultural Consumers; Types of Agricultural Markets; Classification of Agricultural Products; Development in the Area of Agricultural Products.

Pricing and Distribution of Agricultural Products: Factors Affecting the Pricing of Agricultural Products; Problems Involved in Pricing of Agricultural Products; Retail Prices and Farm Prices; Fluctuation in the Prices of Agricultural Products; Prices in Competitive Markets; Channels of Distribution for Agricultural Products; Whole Selling and Retailing; Transportation and Storage.

Creating Demand for Agricultural Products: The Role of Promotion in Increasing Demand; Advertising of Agricultural Products; Agricultural Cooperatives and their Problems; Government and Agricultural Marketing.

Commodity Marketing: Dairy Marketing; Grain Marketing; Herbs Marketing; Live Stock Marketing; Cotton Marketing; Marketing of Processed Food; Recent Developments in Agricultural Marketing in India.

All About Chetan Bhagat

Chetan Bhagat, is an Indian author, columnist, and speaker. Bhagat is the author of bestselling novels, Five Point Someone, One Night @ the Call Center, The 3 Mistakes of My Life, 2 States, Revolution 2020, and What Young India Wants, He is one of the most popular authors in fiction category in India. The author of five point someone (sometimes written as 5.someone by chetan bhagat) got his fame from his first novel. He has written fiction novels like one night at call centre, three mistakes, 2 states. Chetan bhagat new release is Revolution 2020.

Chetan bhabat is a Delhi born and did his studies from Army public school, New Delhi. Later, he took admission in Indian Institute of Technology (IIT) where he did his bachelors of engineering specializing in mechanical engineering. After completing his mechanical engineering from IIT he cracked (Common admission test) CAT and got admission in Indian Institute of management Ahmadabad (IIMA) where he was named as “Best outgoing student”. After completing his MBA chetan bhagat got a job at Deutsche bank, Hong Kong for 11 years as a Investment banker. In Chetan bhagat family there is a wife and two children, Anusha bhagat is wife of chetan bhagat. In 2008 chetan with his wife left his investment banking job and moved to Mumbai permanently where he started his career as full time author. Chetan bhagat wife hot soup is his favorite.

Chetan bhagat has a vivid style of writing with all his novels written in third person. Once asked about the use of numbers as his novel titles he humor-sly replied to reporter “I’m a banker, I can’t get numbers out of my head”. When his novels reviewed badly by most critics, he called his books as entertainment rather than serious literature. Living so long out of India made him an NRI and currently he is having the citizenship of Singapore. He also writes articles on political issues in columns like Dainik bhaskar and Times of India, Some of his columns have been discussed in parliament. Chetan bhagat speech “Spark” delivered at Pune was like by lot of people and got a mass publication in newspapers.

Recently chetan bhagat is called at Vidya knowledge Park, Meerut for an Interaction on topic “Success is not an accident” on 17 March 2012.

Chetan bhagat biography is available online which is read by lots of people. He has his own blog naming chetanbhagat blog and twitter account as chetanbhagat twitter to connect with his fans even on the move. There are also information blogs for his books available like info chetan bhagat.com. People sometimes to contact chetan bhagat people misunderstood his email id of as chetan bhagat @gmail.com however chetan bhagat‘s email id is anubha@chetanbhagat.com. More infor mation on chetan bhagat can be found on chetanbhagat website but no address of chetan bhagat is available there. You can find his novels at chetan bhagat amazon.

'2 States' will be released on April 18 next year, says Chetan Bhagat

Press Trust of India | Posted on Apr 21, 2013 at 02:48pm IST

'2 States' possibly first film shoot at IIM-A campus: Chetan Bhagat

IANS Apr 15, 2013, 05.47PM IST

IIM-Ahmedabad alumnus, author Chetan Bhagat, whose book '2 States' is being adapted into a movie, says the movie is perhaps the first to be shot on the prestigious institute's campus.

"Just learnt 2 States is possibly the first Bollywood movie to have ever been shot at the IIM-A campus," tweeted Bhagat, who felt emotional about setting foot at the institute.

Business Law Top 100 MCQ

"Indian Contract Act 1872": Top 100 Important MCQ/ Objective type Questions 

Tags; ICA-1872, Indian Contract Act-1872, Business Legislation, Business Regulatory Framework, Mercantile Laws, Commercial Laws, Business Laws, Important Questions in Commerce, B.Com (Hons) M.com, CA-CPT, University Exams, Interview Questions, Competitive Questions In Law.

Important MCQ (Multiple Choice Questions) 

(Quesion Nos:1-25 |  26-50 | 51-75 | 76-100)

26. An acceptance can be revoked

(a) at any time before the communication of acceptance is complete as against the promisee

(b) after its acceptance comes to the knowledge of the promisee

(c) both (a) & (b)

(d) neither (a) nor (b).

27. A proposal stands revoked

(a) by communication of notice of revocation by the proposer

(b) by failure of acceptor to fulfil a condition precedent

(c) by death or insanity of proposer to the knowledge of acceptor

(d) all the above.

28. A proposal can be accepted

(a) by notice of acceptance

(b) by performance of condition of proposal

(c) by acceptance of consideration for a reciprocal promise

(d) all the above.

29. Enforceable agreements are the one

(a) made by free consent

(b) parties to the contract are competent to enter into an agreement

(c) having lawful consideration & lawful object

(d) all the above.

30. Competency to contract relates to

(a) age of the parties

(b) soundness of mind of the parties

(c) both age & soundness of mind

(d) intelligence of the parties.

31. Which one of the following is correct

(a) past consideration is no consideration

(b) consideration can be past, present or future

(c) consideration can only be present

(d) consideration can only be present & future.

32. Past consideration is valid in

(a) England only

(b) India only

(c) both in England & India

(d) neither in England nor in India.

33. An agreement not to raise the plea of limitation is

(a) valid & binding

(b) void

(c) voidable

(d) illegal.

34. A letter of acceptance sent by post is lost in transit

(a) there is a concluded contract as the letter of acceptance is put in the course of transmission

(b) there is no concluded contract as the acceptance has not come to the knowledge of the proposer

(c) there is no concluded contract as the acceptance has not been communicated to the proposer

(d) all the above.

35. When the consent to the contract is caused by coercion, the contract under section 19 is

(a) valid

(b) voidable

(c) void

(d) illegal.

36. A's son forged B's name to a promissory note. B under threat of prosecuting A's son obtains a bond from A for the amount of the forged note. If B sues on this bond the court

(a) has no jurisdiction in this case

(b) must not set aside the bond

(c) may set aside the bond

(d) none of above.

37. When the consent is caused by misrepresentation, the contract under section 19 is

(a) valid

(b) void

(c) voidable

(d) illegal.

38. When the consent is caused by undue influence, the contract under section 19A is

(a) valid

(b) void

(c) voidable

(d) illegal.

39. Where both the parties are under mistake as to matter of fact, the contract under section 20 is

(a) voidable

(b) void

(c) valid

(d) illegal.

40. Where one of the parties is under a mistake as to matter of fact the contract is

(a) valid

(b) void

(c) voidable

(d) illegal.

41. Considerations & objects are unlawful where it is

(a) forbidden by law or defeat the provision of any law

(b) which is fraudulent

(c) which is immoral & against the public policy

(d) all the above.

42. If only a part of the consideration or object is unlawful, the contract under section 24 shall be

(a) valid

(b) voidable

(c) void

(d) illegal.

43. A contract without consideration under section 25 is

(a) valid

(b) voidable

(c) void

(d) illegal.

44. Consideration should be something in return of promise which

(a) both the law and parties regard, as having some value

(b) only law regards a having some value

(c) only the parties regard some value

(d) only adequate value necessary.

45. If the proposer prescribes the mode & manner of acceptance, the acceptance

(a) can be in any manner & mode

(b) should be in the manner & mode prescribed

(c) can be in any reasonable mode & manner

(d) all the above.

46. Parties are not competent to contract if any of them is

(a) minor

(b) insane

(c) declared unqualified

(d) all the above.

47. Consent is free under section 14 if not caused by

(a) coercion & undue influence

(b) fraud and misrepresentation

(c) mistake subject to the provisions of sections 20, 21 and 22

(d) all the above.

48. Consent under section 13 means

(a) agreeing on the same thing in the same sense

(b) agreeing on the same thing at the same time

(c)agreeing on the same thing at different time

(d) agreeing on different things at different times.

49. A contract which is valid initially however, ceases to be enforceable subsequently, the contract

(a) remains valid

(b) becomes voidable when enforceable

(c) becomes void when it enforceable

(d) becomes void since inception.

50. Agreements, the meaning of which is not certain or not capable of being made certain under section 29 is

(a) void

(b) voidable

(c) illegal

(d) valid

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Business Legislation; Top 100 Objective Questions-MCQ (Question No. 51 to 75)

"Indian Contract Act 1872": Top 100 Important MCQ/ Objective type Questions 

Tags; ICA-1872, Indian Contract Act-1872, Business Legislation, Business Regulatory Framework, Mercantile Laws, Commercial Laws, Business Laws, Important Questions in Commerce, B.Com (Hons) M.com, CA-CPT, University Exams, Interview Questions, Competitive Questions In Law.

Important MCQ (Multiple Choice Questions) 

(Quesion Nos::1-25 |  26-50 | 51-75 | 76-100 )

51. An agreement in restraint of trade under section 27 is

(a) valid

(b) voidable

(c) void

(d) unenforceable

52. An agreement restraint of trade is valid under section 27 if relates to

(a) sale of goodwill

(b) mutual adjustment

(c) business contingency

(d) none of the above.

53. An agreement not to pursue any legal remedy to enforce the rights under section 28 is

(a) valid

(b) voidable

(c) void

(d) unenforceable.

54. An agreement not to persue legal remedies but to refer the dispute to the arbitrator, under section 28 is

(a) valid

(b) voidable

(c) void

(d) unenforceable.

55. An agreement to refer the dispute to the arbitrator is valid

(a) in respect of disputes already arisen

(b) in respect of disputes which may arise in future

(c) both (a) & (b)

(d) neither (a) nor (b)

56. An agreement by way of wager under section 30 is

(a) void

(b) voidable

(c) valid

(d) unenforceable

57. An agreement in connection with horse- racing under section 30 is

(a) unlawful

(b) void

(c) voidable

(d) valid.

58. An agreement in restraint of marriage under section 26 is

(a) void

(b) voidable

(c) valid

(d) unenforceable

59. If only a part of the consideration or object is unlawful, the contract under section 24 shall be

(a) valid to the extent the same are lawful

(b) void to the extent the same are unlawful

(c) void as a whole

(d) valid as a whole.

60. An agreement shall be void on account of

(a) mistake of fact by one party

(b) mistake of fact by both the parties

(c) mistake of foreign law

(d) both (a) & (b).

61. Coercion which vitiates free consent under section 15 is

(a) committing or threatening to commit any act which is forbidden by law

(b) committing or threatening to commit any act which is forbidden by Indian Penal Code

(c) unlawful detaining or threatening to detain any property with an intention to causing any person to enter into an agreement

(d) all the above.

62. What is correct of a standard form contract

(a) it is a valid contract

(b) one party has no choice but to accept & sign the contract

(c) both (a) & (b)

(d) the consent is not a free consent.

63. Law of contract primarily

(a) specifies the circumstances in which promises are binding on the parties to the contract

(b) lays down certain norms by which the parties are bound

(c) lays down the circumstances under which a promise may be made

(d) all the above.

64. Misrepresentation under section 18 means

(a) a positive assertion, in a manner not warranted by the information of the person making it, not true but he believes it to be true

(b) any breach of duty, which gains an advantage to the person committing it, by misleading another to his prejudice

(c) causing a party to make an agreement to make a mistake as to the subject matter of contract

(d) all the above.

65. A person is deemed to be in a position to dominate the will of another by undue influence if the mental capacity is affected temporarily or permanently by

(a) reason of age

(b) reason of illness

(c) mental or bodily distress

(d) all the above.

66. An agreement to remain unmarried is

(a) valid

(b) voidable

(c) void

(d) unenforceable.

67. A general offer open for world at large can be accepted

(a) by sending a communication of acceptance

(b) by complying with the conditions of offer

(c) by tendering himself to comply the conditions of offer

(d) none of the above.

68. The term consensus ad-idem means

(a) general consensus

(b) reaching an agreement

(c) meeting of minds upon the same thing in( the same sense

(d) all the above.

69. Which one of the following does not amount to fraud

(a) suggestion as a fact which is not true, by one who does not believe it to be true

(b) active concealment of a fact

(c) a representation made without knowing it to be false, honestly believing it to be true

(d) a promise made without any intention of performing it.

70. Contract without consideration made in writing & registered and made on account of natural love and affection is

(a) void

(b) voidable

(c) valid

(d) unenforceable.

71. Inadequacy of consideration does not make the contract

(a) void

(b) voidable

(c) unenforceable

(d) neither void nor voidable.

72. Inadequacy of consideration is relevant in determining the question of

(a) fraud

(b) misrepresentation

(c) undue influence

(d) free consent.

73. Agreement without consideration is valid

(a) when made out of love & affection due to near relationship

(b) when made to compensate a person who has already done something voluntarily

(c) when made to pay a time barred debt

(d) all the above.

74. A contract based on the happening or non- happening of a future event under section 31 is called

(a) a contingent contract

(b) a wagering contract

(c) a contract marked with uncertainty and hence void

(d) none of the above.

75. A contingent contract to do or not to do anything on the happening of an uncertain future event under section 32

(a) is never enforceable

(b) becomes enforceable only on the happening of that event

(c) enforceable since the time of making it

(d) becomes enforceable in the immediate possibility of happening of that event.

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