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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.

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. Correct Answer 2, 3 and 4

Related Questions

P wants to sell his bungalow based in Lutyens, Delhi. Q and S wants to purchase it. The price of the bungalow is 50% and 100% more than the Q’s assets and S’s assets respectively. If Q and S decides to combine their assets in order to acquire this bungalow, then the price of bungalow would be approximately what percentage of these assets?
Propositions are
1. Gift made during marz-ul-maut to a heir is valid without the consent of other heirs under Sunnite law
2. Gift made during marz-ul-maut to a heir is valid without the consent of other heirs under Ithna Ashari law
3. Gift made during marz-ul-maut to a heir is valid only with the consent of other heirs, under Sunnite law
4. Gift made during marz-ul-maut to a heir is valid only with the consent of other heirs under the Shia law.
Which amongst the following is correct
All agreements are . . . . . . . . if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
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:
A', on 9th January, 2015 agrees to sell his immovable property to 'R' and out of the total sale consideration of Rs. 3,00,000/- receives a sum of Rs. 1,00,000/- from 'B' as advance payment and agrees to vacate the property and handover vacant peaceful physical possession thereof to 'B' and to execute the Sale Deed of the property in favour of 'B' on receipt of balance sale 'consideration' on or before 9th July, 2015. 'A' fails to vacate the property or to execute the Sale Deed or to deliver possession of the property to 'B'. 'B' after waiting patiently till 31st January, 2016, on 1st February, 2016 got issued a legal notice to 'A' to take the balance sale consideration and execute the Sale Deed and deliver vacant peaceful physical possession. 'A' vide his reply received by 'B' on 17th February, 2016 denies the agreement. The limitation of three years available to 'B' for instituting a suit for specific performance is:
Statement I Every contract in an agreement but every agreement is not a contract.
Statement II All agreements are contracts, if they are made by the free consent of parties.
The given conditions are imposed by an officer for providing the Travelling Concession to the employees. The employee A. Should have made 2 trips in a 4 calendar years. B. Should have made one trip in 1 calendar year. C. Should have made one trip within the native country, while the other could have been overseas. D. Should have made a trip with maximum of 6 people. E. The total cost of both the trips should not have exceeded Rs. 6 lakhs. In case of employee who satisfies all the other criteria except: I. At (D) above, he/she would get Rs. 4 lakhs as concession. II. At (E) above, he/she would get Rs. 3 lakhs as concession. In the inquiry underneath, data of one employee is given. You need to take one of the accompanying four choices in the light of the data given and the criteria and conditions given above. Shyam, a native of India, along with his wife and 2 children went for vacations within India. He made his first trip in February, 2016 and second one in August 2016. The total expenditure of the trips were four lakhs and forty thousand.
Statement I): Agreement without consideration is always valid. Statement II): All contracts are agreements but all agreements are not contracts. In the context of the above two statements, which one of the following codes is correct?
Statement (I): Agreement without consideration is always valid.
Statement (II): All contracts are agreements but all agreements are not contracts.
In the context of the above two statements, which one of the following option is correct?
Each question presents a situation and asks you to make a judgement regarding that particular circumstance. Choose an answer based on given information. Harsh, Farah and Garima were watching a show in which there was a contest. The contest was about a question and they have to send the answer to the given phone number. They have noticed the number but didn’t note it down. All of them remember certain part of the 6-digit number. At least two people must agree for a digit in order to confirm the digit. 1. All three agrees that the first two digit from left was 56. 2. Garima and Harsh agrees that 5th digit from left was 7. 3. Two of them agrees that the last digit was 4. 4. All of them agrees that 3rd and 4th digit from left was same. Which of the following would be most likely the phone number?