1. Provide valid requisites of a valid contract under Indian contract act 1872.

Offer - To begin a contract, the offer is a significant essential ingredient. A

party who wants to enter into the contract must have an offer. Without an
offer, the agreement is not performed from another side.

Acceptance - After making a valid offer in the contract, the second essential
element that comes to the highlight is acceptance. After considering that the
offer is legally valid as per law, the other party can clear himself about the
terms and conditions of the contract, and he can accept an offer. In the stage
of acceptance, a party may accept any method

Intention to create legal relationship - Creating a legal relationship is an essential

element that offers a valid contract. It is a Starting process to build good
relations between two parties in the business; this relation converts into a
legally binding agreement.
Consensus-ad-idem - Both the parties must understand the same thing in the same
sense.

Consideration - It will be done when the parties of the agreement agreed with
the contract. In other words, consideration is a value regarding the agreement.

Capacity to contract - Here every person who wants to enter into the contract
firstly, he must have an age of majority according to law governing in India.
Secondly, he has to be a sound-minded person, and thirdly a person has not
been disqualified by any law from entering into the contract
Free consent - Free Consent is also an essential element of a valid contract.
When two persons or parties agree with the simple sense, called consent to
the promise.
Legality of object - The subject/object of the agreement must be legal. In other words, I
would say that the object of the contract must not be illegal, immoral or against the policy.
Any agreement in which the subject is not lawful is not valid.

Possibility of performance - An agreement to do an impossible act is itself a void

agreement. Any contract made to do an act that becomes impossible after it has been
entered into the contract, the contract becomes void.

Writing & registration – The contract should be written and should be registered properly.

2. Describe tripartite system in redressal forum of consumer protection act 1986.

The consumer protection act 1986 is a social welfare legislation which was enacted as a
result of widespread consumer protection movement.
The tier redressal methods in consumer awareness comprising National
Consumer Redressal Forum (NCRF), State commission and District forums. The
jurisdiction of each consumer forum has been given in the Redressal Mechanism
of Consumer Protection Act, 1986.  

 District Forum or District Consumer Dispute Redressal Forum

(i) The State Governments are required to establish District Forums in each district.
(ii) Each District Forum consists of a chairman and two members appointed by the
State Government, one of whom should be a woman.
(iii) A District Forum can receive consumer complaints, where the value of goods or
services and the compensation claimed is not more than 20 lakhs.
(iv) The complaint can be filed by a consumer to whom goods are sold or services
rendered, or any recognised consumer association.
(v) On receiving the complaint, the District Forum shall refer the complaint to the
opposite party concerned and send the sample of goods for testing in a laboratory. The
opposite party is the seller, manufacturer or any organisation against whom the
complaint has been filed.

2. State Commission or State Consumers Disputes Redressal Commission

(i) State Commission is set up by the State Government and its jurisdiction is
restricted to the boundaries of the state concerned.
(ii) The State Commission shall consist of a President, who is or has been a judge of a
High Court and two other members, one of whom is a woman. All the three shall be
appointed by the State Government.
(iii) Only those complaints can be filed, where the value of goods or services and
compensation claimed is more than Rs. 20 lakhs but not more than Rs. 100 lakhs. The
appeals against the orders of any District Forum can also be filed before the State
Commission, within 30 days of passing of the order.
3. National Commission or National Consumer Disputes Redressal Commission
(i) The National Commission is set up by the Central Government.
(ii) It shall consist of a President, who is or has been a judge of the Supreme Court and
four other members appointed by the Central Government, one of whom shall be a
woman.
(ii) All complaints pertaining to those goods or services and compensation whose
value is more than Rs. 100 lakhs can be filed. Appeals against the order of any State
Commission can also be filed before the National Commission, within 30 days of
passing of the order.
(iv) An order passed by the National Commission is appealable before the Supreme
Court.

3. Elaborate hacking in connection with different cyber contraventions provided

under IT Act 2000.

4. Objective of NCLT or NCLAT.

 To uphold and maintain complete independence and highest decorum before the Presiding
Officer(s) and Members of the Appellate Tribunal and Tribunal on the one hand, and to promote
unity amongst the members of the Association on the other;
 To promote and maintain high professional standards among members of the Association, at the
same time promoting and protecting the privileges, interests and prestige of the association and its
members, and inculcating respect for the Rule of Law and the spirit of democracy;
 To promote compliance with the state of law, progress of legislation and administration of justice,
and to conduct and hold seminars, symposia, conferences on issues and topics to disseminate
information about the same;
 To arrange for raising funds for legal aid, and to take measures including funding and applying of
funds for aid to deserving members of the Association and their families, and for the employees of
the Association and their families;
 To act in coordination with the Presiding Officer(s) and Member(s) of the NCLAT and NCLT for
the welfare of the Members of the Association and other professional bodies and, for that purpose,
to coordinate and invite participation of various panels of professionals including that of Company
Administrators, Company Liquidators, Registered Valuers and others as may be required under
the provisions of the Companies Act, 2013.

5. Differentiate between cybercrime and cyber contraventions.

cyber contraventions cyber crime

Mentioned under S.43 of IT Act. Mentioned under S. 65 onwards of IT
Act.
Less serious in nature. More serious in nature.
Usually, compensation is paid as a fine. Compensation as well as imprisonment.
Known as civil wrongs. Known as offence.
Cyber contravention may lead to civil Cyber offences may result in criminal
prosecution. prosecution.
Investigation by Adjudicating officer Investigation by Inspector.

6. What do you mean by contingent contract?

An absolute contract is one where the promisor performs the contract without any condition. Contingent
contracts, on the other hand, are the ones where the promisor performs his obligation only when certain
conditions are met.

A contingent contract contains a conditional promise. A promise is absolute or unconditional

when the promisor undertakes to perform it in any event. A promise is conditional when
performance is due only if an event, collateral to the contract, does or does not happen.
Collateral means subordinate but from the same source, connected but aside from the main
line.
If you look at the contracts of insurance, indemnity or guarantee, they have one thing in common
– they create an obligation on the promisor if an event which is collateral to the contract does or
does not happen.

For example, in a life insurance contract, the insurer pays a certain amount if the insured dies
under certain conditions. The insurer is not called into action until the event of the death of the
insured happens. This is a contingent contract.

Essentials of Contingent Contracts

2] The event is collateral to the contract

1] Depends on happening or non-happening of a certain event

3] The event should not be a mere will of the promisor

4] The event should be uncertain

7. Provide different kinds contractual obligations vested upon parties to a

contract.

 contractual obligations is to say that they are the legal responsibilities of each party
involved in a contractual agreement. In a contract, both parties will exchange an item or
service of value, but certain expectations must be met in order for the exchange to be
properly completed.

The kinds of contract obligations you will encounter will depend on the type of contract
you are entering into. A contract of sales will be much different from a rental agreement
contract. However, there are some obligations that you are likely to encounter in almost
any contract. These are:

 Payment. Unless the contract is one-sided, or bilateral, you will have to

exchange some item or service of value for the item or service of value you are
receiving. This may be a one-time exchange or payment, or it may take place
over a period of time to be stipulated in the contract.
 Delivery. Similarly, the other party will be bound to deliver what they are being
paid for, unless the contract is one-sided.
 Quality. In most cases, the seller will be held to the expectation that the good or
service they provide will meet certain quality standards to be stipulated in the
contract In addition to these and other obligations, both parties will be expected
to honour certain principles of contract law, such as to deal fairly and truthfully
 with one another and to refrain from using coercion or force to obtain the end
they desire.

Breach of Contract Obligations

A breach of contract occurs when a party fails to meet their obligations stipulated in the
contract. If this happens, and especially if loss or damages occurred because of that
breach, a party may pursue the following options to receive compensation for the failure:

 Sue for damages. The breach of contract will give a party grounds to file a
lawsuit against the breaching party for the damages incurred due to the breach.
Such damages might have included the cost of finding a new party to do a deal
with or any delay caused by the failure to perform.
 Request specific performance. As an alternative to suing, a party may also
compel the other party to complete the work stipulated in the contract. For those
who wish to avoid going to court, this may be the more appealing option, but if
the breaching party provided a sub-par service or product, there may be little
point in asking them to continue with their service.
 Request release from the contract. If one party was actively deceived by
another, they may be able to have a court grant them release from the contract at
hand.

In cases involving breach of contract, if legal action is pursued, it is important to note that
the suing party may only win what are called Expectation Damages, which cover the
value lost because of the breach of contract only. This means that the aggrieved party
may only be made whole or indemnified for their loss. Punitive damages in excess of the
lost value will not be awarded. Other possible remedies that may be made by the courts
include:

 Administering Promissory Estoppel. This requires a party to fulfil their end of

the contract by order of the court.
 Awarding Unjust Enrichment. If it is judged that one party unjustly benefited at
the expense of the other party, restitution for the value of the unjust benefit may
be ordered by the court.

8. Valid contract vs Void contract vs Voidable contract.

Valid Contracts

The Valid Contract as discussed in the topic on “Essentials of a Contract” is an agreement that is legally
binding and enforceable. It must qualify all the essentials of a contract.

Void Contract Or Agreement

The section 2(j) of the Act defines a void contract as “A contract which ceases to be enforceable by law
becomes void when it ceases to be enforceable”. This makes all those contracts that are not enforceable
by a court of law as void.

We have already stated examples of these kinds of contracts in the “Essentials of a Contract”.
Example: A agrees to pay B a sum of Rs 10,000 after 5 years against a loan of Rs. 8,000. A dies of
natural causes in 4 years. The contract is no longer valid and becomes void due to the non-enforceability
of the agreed terms.

Voidable Contract

These types of Contracts are defined in section 2(i) of the Act: “An agreement which is enforceable by
law at the option of one or more of the parties thereto, but not at the option of the other or others, is a
voidable contract.” This may seem difficult to wrap your head around but consider the following
example:

Suppose a person A agrees to pay a sum of Rs. 10,0000 to a person B for an antique chair. This contract
would be valid, the only problem is that person B is a minor and can’t legally enter a contract.

So this contract is a valid contract from the point of view of A and a “voidable” contract from the point of
view of B. As and when B becomes a major, he may or may not agree to the terms. Thus this is a
voidable contract.

A voidable contract is a Valid Contract. In a voidable contract, at least one of the parties has to be bound
to the terms of the contract. For example, person A in the above example.

The other party is not bound and may choose to repudiate or accept the terms of the contract. If they so
choose to repudiate the contract, the contract becomes void. Otherwise, a voidable contract is a valid
contract.
9. When a party to contract become incapable enter into a contract?

A party’s capacity to contract refers to their legal ability to enter into a contract. Capacity also
implies that a person must be legally competent. Capacity is assessed by whether or not a
person has achieved the age of majority and whether or not they are mentally competent of
comprehending the contract conditions.

Some people are unable to enter into legally binding agreements:

Minors: Anyone under the age of 18 is considered a minor. If he or she signs a contract before
becoming 18, he or she usually has the opportunity to cancel it while still a minor.

Mental Incapacitation: A person lacks the mental capacity to form a contract if he or she is
not cognitively capable of understanding his or her responsibilities and rights under the
agreement.

Intoxication: It is widely assumed that someone who is under the influence of drugs or
alcohol lacks capacity. The court may order the party to uphold the commitment if they
voluntarily drunk themselves.

Persons disqualified by law: Alien enemy, Convicts, Insolvent, Foreign sovereign, Body
corporate.

10. Define the legal stipulation provided under NI Act in case of dishonour of cheque.