YouTube

Sunday 10 May 2020

Short questions on Indian Contract Law 1

Hello my reader friends. In this blog I am sharing short answer questions on Indian Contract Act, 1872.

Contracts Clip Art
Image Credit: www.clipart.email
Q 1. Which Section of the Indian Contract Act describes about the persons competent to make contract?
A. Section 11.

Q 2 Define Indemnity.
A. The term indemnity means to make good the loss or to compensate the party who had suffered the loss.

Q 3 State any two specific contracts.
A. Contract of guarantee and contract of indemnity.

Q 4 Who can ratify an unathorised agreement entered into by an agent?
A. Principal.

Q 5 What is ratification?
A. Ratification is the explicit or implicit action of the principal in agreeing to the act of the agent after the unauthorised act.

Q 6 When third party will be bound to the unathorised agreement created by an agent?
A. The unathorised agreement created by an agent will be binding to third party if it is ratified by the principal.

Q 7 Which section describes about the principle of ostensible authority or apparent authority?
A. Section 237

Q 8 On what basis a person becomes liable as principal?
A. A person may be liable as a principal because of his conduct, on the basis of the law of estoppel.

Q 9 Explain the rule of ostensible authority.
A. When principal by his words or conduct makes an impression on third party that the agent is having an authority to enter into a contract on his behalf, and evidences show the same facts about the authority of an agent, then in such case agent is having ostensible or apparent authority for his principal.

Q 10 Define ostensible authority or apparent authority.
A. Ostensible authority (or apparent authority or agency) can be defined as “A relationship between two parties that reasonably leads a third party to believe that one is the agent of the other”

========

Thanks for reading. Kindly share this blog with all law students.

========

Pollock & Mulla -The Indian Contract Act, 1872


========

No comments:

Post a Comment

Strategic Alliances

  Strategic Alliances -  For any achievement gone need the right person on your team.  Sugriv was very keen on this. Very first Sugriva was ...