Caveat emptor

It is a Latin phrase which means let the buyer beware, it is sometime used in legal contracts as a type of
disclaimer

Quasi contract

A quasi contract may be a retroactive arrangement between two parties who have no past obligations to
one another. A quasi contract is a court-imposed document planned to anticipate one party from
unreasonably profiting at another party's cost, indeed in spite of the fact that no contract exists
between them.

Contingent and Wagering Contract.

It is a contract to do or to not do something with regard to a collateral event happening or not

happening. It is a guarantee to provide cash or money's worth with reference to an uncertain occasion
happening or not happening

What is Novation?

Novation is the act of substituting a valid existing contract with a substitution contract, where all
concerned parties commonly agree to create the switch.

What is Reciprocal Promises?

Imagine two or more individuals entering a contract comprising of a corresponding promise, where they
to begin with do certain things which are lawful and then beneath certain circumstances, concur to do
acts which are illegal. In such cases, the primary set of guarantees could be a substantial contract but
the second set is void.

What is Anticipatory Breach?

An anticipatory breach of contract is an activity that appears one party's purposeful to fail to fulfill its
legally binding commitments to another party. ... Illustrating the other party's purposeful to breach the
contract gives the counterparty grounds for starting legitimate activity.

Question # 1

All contracts are agreement but all agreements are not contracts because if an agreement is not capable
of generating a responsibility or duty implemented by the law then it is not a contract. Thus an
agreement is a much more extensive term than contract.

Question # 2

Void contract is not enforceable by the law. Whereas an illegal contract anticipates claims based on a
contract when a party looks for to enforce ……. are unlawful since the public interest supersedes private
legally binding rights.

Question # 3
 1) Executed contract

An executed contract is a legitimate document that has been signed off by the individuals vital for it to
become compelling. The contract is frequently made between two or more individuals, but it can also be
between a individual and an organization/institution, or two or more organizations/institutions. A few
contracts indeed require the signatures be seen/witnessed.

2) Constructive contracts

A commitment made by the law of equity and justice within the nonappearance of any agreement
between the parties to avoid unjustifiable improvement. Also named a Quasi contract or a contract
inferred in law.

3) Bilateral Contract

The bilateral contract is the foremost common kind of authoritative agreement. Each party is both an
obligor (an individual who is bound to another) to its own promise, and an obligee (an individual to
whom another is committed or bound) on the other party's promise.

4) Voidable contract

A contract that can be finished by the 'innocent' party is known as a voidable contract. In any case, with
the consent of the parties, particularly the 'innocent' party, the contract can still be legitimately
substantial. A voidable contract is ordinarily void ab initio, i.e. from the begin

Question # 4

Explain the consequences of void and voidable contract.

A void contract cannot perform beneath the law truly. However, a voidable contract can still perform
lawfully and still have bound and unbound parties. The unbound party within the contract can void the
agreement before the other party performs the essential administrations as portion of the legally
binding commitments.

What is the difference between Offer and Invitation to Treat?

An offer is made when an individual appears an eagerness to enter into a lawfully official contract.

An invitation to treat (I.T.T) is just a supply of data to entice an individual into making an offer

What is meant by Past Consideration.?

Past consideration is consideration that has already streamed from the promisee to the promisor. That's
the promisee's act or patience originates before the promisor's guarantee. Past consideration hence
cannot be utilized as a premise when claiming harms.

Question # 5

Offer made through the action of the parties is called Contract

Principle that only parties to the contract can take action against each other is called doctrine of privity
of contract.
An agreement enforceable by law is contract.

Acceptance is complete for the offer or when posted is called postal rule.

The exchange in a contract between the parties is called Consideration

Question # 6

Intentional misrepresentation of facts is Fraud

An agreement with an alien enemy is Void

Promises forming the consideration for each other is called An agreement

A promise to keep an offer open unsupported by consideration is Option

A stranger to consideration Can sue