Business Law MCQs

Contingent & Quasi Contracts – CA Foundation Business Law Study Material Question 1.Define a contingent contract and explain its essentials.Answer:“A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen” – [Section 31]. Contracts of insurance, indemnity and guarantee are examples […]

Performance of a Contract – CA Foundation Business Law Study Material Question 1.What is meant by tender of performance? What are the essentials of valid tender of performance? What is the effect of refusal by the promisee to accept a valid tender of performance in respect of goods and money?Answer:Attempted Performance or Tender / When […]

Nature of Contract – CA Foundation Business Law Study Material Question 1.All contracts are agreements but all agreements are not contracts. Comment.Answer:As per section 2(h) of the Indian Contract Act, 1872, an agreement enforceable by law is a contract. Thus an agreement backed by enforceability by law i.e. the intention to create legal relations is […]