1. What are agreements? 2. What do you mean by void contract? 3. Define offer. 4. Who is a stranger to a contract? 5. Who are the parties competent to enter into a contract 6. What is undue...
1. What are agreements?
2. What do you mean by void contract?
3. Define offer.
4. Who is a stranger to a contract?
5. Who are the parties competent to enter into a contract
6. What is undue influence?
7. What are quasi contracts?
8. What is a contingent contract?
9. What do you mean by performance of contract?
10. Who can demand performance?
1. Agreement: An arrangement of understanding and intention between two or more parties in relation to their duties and rights with regard to some past or future acts.
2. Void Contract: Any contract that meets any of the following conditions: is completed successfully, violates law/fairness, is rendered ineligible by changes in the law, or is illegal from the time it was made.
3. Offer: To present for certain action/acceptance, to make a proposal, to proffer.
4. Stranger to a contract: Someone who is not a party to the contract, a third person, who cannot sue for the contract.
5. Parties competent to enter into a contract: Someone who is competent and has the right to enter into a contract (with regard to a particular action or fact or service); this does not include minors, persons of unsound mind, or persons disqualified by the law to which they are subject.
6. Undue Influence: Influence by which a person/party is forced to do something or undergo any agreement/service against their own free will.
7. Quasi Contracts: An agreement regarding the obligation of parties involved, but no actual contract exists; used for equitable purposes and not contractual work.
8. Contingent contract: A contract where parties' actions are contingent on fulfillment or violation of certain conditions, for example, a buyer paying an amount if the contract is completed within the given time.
9. Performance of contract: Execution or completion of the terms of the contract releasing the parties from their responsibilities as agreed upon in the contract.
10: Demand performance: The promisee can demand the performance of the promise made in the contract. Legal representatives of the promisee can also demand performance in case of the promisee's death.