BSLM605 Tutorial 1

Which of the following is NOT an essential element of a valid contract?

• Offer and Acceptance

• Lawful Consideration

• Lawful Object

• Illegal Purpose

The age of majority for entering into a contract is defined under:

• Indian Contract Act, 1872

• Indian Majority Act, 1875

• Civil Procedure Code, 1908

• Transfer of Property Act, 1882

Which of the following is a requirement for a contract to be enforceable?

• Written Document

• Mutual Consent

• Witness Signatures

• Notarization

What is the term for an agreement that is not legally binding?

• Valid Contract

• Enforceable Contract

• Void Agreement

• Executed Contract

What is the legal term for a contract that has been fully performed by both parties?

• Void Contract

• Unilateral Contract

• Executed Contract

• Implied Contract

In contract law, what does the term 'consideration' refer to?

• Written Documentation

• Something of value exchanged

• Mutual Agreement

• Legal Capacity

What is the primary purpose of a contract?

• To outline personal relationships

• To create a legal obligation

• To establish a business plan

• To provide entertainment

What is the effect of a breach of contract?

• It makes the contract valid

• It automatically voids the contract

• It allows the non-breaching party to seek damages

• It has no legal consequences

What is the term for a contract that can be enforced at the option of one party?

• Voidable Contract

• Executed Contract

• Void Contract

• Implied Contract

Which of the following is a common remedy for breach of contract?

• Injunction

• Specific Performance

• Rescission

• All of the above