Meaning and Essentials of Contract, Contract of Guarantee & Bailment
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the legal definition of a 'contract' under the Indian Contract Act, 1872?
A contract is an agreement enforceable by law, formed between two or more parties with free consent, lawful consideration, and a lawful object.
What is an 'illegal agreement' under the Indian Contract Act, 1872?
An agreement forbidden by law or against public policy.
Which section of the Indian Contract Act, 1872 defines an 'agreement'?
Section 2(e) defines an agreement as 'every promise and every set of promises forming the consideration for each other.'
What is a 'quasi-contract' under the Indian Contract Act?
A legal obligation imposed by law without a real agreement.
What are the essential elements required for a valid contract?
A valid contract requires offer and acceptance, free consent, competent parties, lawful consideration, lawful object, certainty, possibility of performance, and not expressly declared void.
What is the rule regarding agreements in restraint of trade?
They are void under Section 27 of the Indian Contract Act.
What does 'free consent' mean under the Indian Contract Act, 1872?
Free consent means consent not caused by coercion, undue influence, fraud, misrepresentation, or mistake, as defined under Section 14 of the Act.
What is meant by 'consensus ad idem' in contract law?
Meeting of minds; both parties agree on the same thing.
Video classes for this chapter
More chapters in Module D - Commercial & Other Laws with reference to Banking Operations
Master the full BRBL syllabus
Every chapter of Banking Regulations and Business Laws — videos, tests, notes and one-liner decks in one place.