Business Law SCDL Assignment

Oct 2016

Answers : Cross-Offers

Answer : False

Answer :

Answer : Repay this amount

Answer : Minister-in-charge

Answer : Not discharged

Answer : Drawer,Drawee and Payee

Answer : Promises

Answer : Two

Answer : True

Answer : Foreign company, National company, Multinational company

Answer : True

Answer : Section 13.

Answer :Registrar

Answer : False

Answer : False

Answer : False

Distinction between a Contract and a Quasi-contract Contract

1. An agreement enforceable by law is a contract. [Section 2 (h)].
2. A contract basically requires an agreement.
3. A contract results from the will of parties expressed with a view to create certain obligation.
4. There are various essential elements required for a valid contract.

5. A contract is always full-fledged and is binding on those who enter into the contract.

Quasi-contract
1. Quasi-contract is nothing but certain relations resembling those created by a contract and it is not
actually a contract.
2. There is no agreement at all in the quasi-contract.
3. Quasi-contract is itself an obligation resembling those created by a contract.
4. There are no such essential elements required for formation of a quasi contract.
5. A quasi-contract is not full-fledged but it is an implied contract. Strictly speaking, a quasi-contract
is not a contract at all. It is a contract not in fact but in law.

Distinction between a Contingent Contract and a Quasi-contract Contingent Contract

1. 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].

Unit 2 Indian Contract Act, 1872 - Part II

2. In a contingent contract, performance of a contract depends upon happening or not happening of

some event in the future.
3. A contingent contract is a contract in fact.
4. In a contingent contract, there is the responsibility to perform legal obligation.
5. A contingent contract is a valid contract. Quasi-contract
1. Under certain conditions, the law creates and enforces legal rights and obligations when no real
contract exists. Such obligations are known as quasi-contract. The Contract Act describes quasicontracts as certain relations resembling those contracts.
2. In a quasi-contract, benefit of an act done by one person is taken by some other person. That
person acts on his own but expects certain return.
3. A quasi-contract is a contract by law.
4. In a quasi-contract, there is always equitable obligation alongwith legal obligation as it rests on the
ground of equity.
5. A quasi-contract in the strict sense is not a contract at all.