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Following is/are essentialt(s) of valid contract as per Indian Contract Act, 1872.
(1) Parties to contract should have capacity to contract.
(2) Parties to contract should have legal mind.
(3) Parties to contract should be intelligent.
(4) Invitation to offer should be accepted.
Find correct answer:

Following is/are essentialt(s) of valid contract as per Indian Contract Act, 1872.
(1) Parties to contract should have capacity to contract.
(2) Parties to contract should have legal mind.
(3) Parties to contract should be intelligent.
(4) Invitation to offer should be accepted.
Find correct answer: Correct Answer Only (1) is correct

Related Questions

A lady wants to buy the following items in the given price range- 1. Tomato between Rs. 40 and Rs. 45 per kg. 2. Grapes in the price range of Rs. 80 and Rs. 90 per kg. 3. Milk packets at Rs. 23 per liter. In which shop from the following will she definitely get all her items/ A. Shop S sells tomato at Rs. 22.5 per half kg, Grapes at Rs. 82 per kg and milk at Rs. 24 per liter. B. Shop H sells grapes at Rs. 21 per quarter kg, milk at 12.5 per half litre and tomato at Rs. 22 per half kg. C. Shop O sells milk at Rs. 11.5 per half litre, tomato at 21 per half kg and grapes at Rs. 43 per half kg. D. Shop P sells tomato at Rs. 23.5 per half kg, grapes at Rs. 85 per kg and milk at Rs. 23 per litre.
Which of the following statements is/are correct?
1. Counter offer puts an end to the original offer.
2. In counter offer, the previous offer can be revived.
3. Acceptance must be absolute and unqualified.
4. Acceptance with new terms is valid.
Select the correct answer using the given below:
Consider the following statements:
1. An auctioneer's announcement to sell an artifact through auction on a certain day is not an offer but only an invitation to offer.
2. The highest bid in an auction is merely an offer which an auctioneer mayor may not accept.
Which of the statements given above is/are correct?
PRINCIPLE: A contract is an agreement enforceable by law. All agreements are contracts if they are made with free consent by parties competent to contract for a lawful consideration and with a lawful object.
FACT: A, a 40-year-old businessman of sound mind, agrees to sell his bungalow worth 40 lakhs for 1 lakh. The agreement is:
(1) Invalid due to inadequate consideration
(2) Valid as there is lawful consideration
(3) Valid as A entered into it with free consent
(4) Valid because A has capacity to contract.
Consider the following :
1. The perpetual struggle of Ins and Outs for political power turns the legislature into a battlefield and in this struggle the interests of the country are forgotten.
2. Parties encourage hollowness and insincerity. They divide not only the legislature but the nation into hostile camps. During national emergencies, parties can hardly transcend their petty differences and present a united front.
3. Parties often over-reach themselves and indulge in unwholesome and immoral activities live bribing the legislators
4. Parties tend to become antonomous and to regard organisations as important for their own sake. Principles are thus subordinated to success at polls and issues are not considered on merit.
Which of the above statements make a valid criticism of political parties?
Select the correct answer from the following:
Arrange the following concepts in sequence in which they occur, using the given below:
(1) Offer is communicated
(2) Counter-offer is made
(3) Offer is rejected
(4) Counter-offer is accepted
Which of the following statements are TRUE in a contractual capacity? A. Law presumes that every person is competent to contract unless otherwise proved B. That a minor can make a contract for necessities of life C. That a person of unsound mind can enter into the family contracts D. A convict cannot enter into a valid contract nor can sue E. That a wife can always make valid business contracts and bind her husband Choose the correct answer from the options given below:
With reference to the National Legal Services Authority, consider the following statements: 1. Its objective is to provide free and competent legal services to the weaker sections of society on the basis of equal opportunity. 2. It issues guidelines for the State Legal Services Authorities to implement the legal programmes and schemes throughout the country. Which of the statements given above is/are correct?
Which of the following statements are correct?
1. In tort, the duties are imposed by law whereas in contract, duties are undertaken by the parties themselves.
2. In tort, the duty is towards the world at large but in contract, the duty is towards specific individual or individuals.
3. In tort, damages are liquidated but in contract, the damages are unliquidated.
4. In tort, a person may be liable for the wrongs committed by others also but in contract, the liability governs the parties to the contract only.
Select the correct answer using the given below:
According to a survey of business firms in a certain city, 750 firms offer their employees health insurance , 640 offer dental insurance and 280 offer health insurance and dental insurance. How many firms offer their employees health insurance or dental