CA Foundation Law

Consideration – CA Foundation Business Law Question 1.Define consideration. What are the legal rules/essentials regarding consideration? (C.A. Foundation MTP May 2019)Answer:Section 2(d) of the Contract Act define consideration as follows:(a) “When, at the desire of the promisor,(b) the promisee or any other person,(c) has done or abstained from doing, or does or abstains from doing, […]

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 […]