BATCH 6 - Terminologies

Question 1

A meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service

Answer 1

Contract

Question 2

Kinds of Contracts

Answer 2

1. Formal Contract
2. Informal Contract
3. Express Contract
4. Implied Contract
5. Void Contract
6. Illegal Contract

Question 3

One which by some special law is required to be in writing

Answer 3

Formal Contract

Question 4

Is one which is concluded as the result of a written document or correspondence where the law does not require the same to be in writing, or as the result of oral and spoken discussion between the parties or conduct between the parties evidence of an intention to contract.

Answer 4

Informal Contract

Question 5

Is one which the conditions and terms of the contract are given orally or in writing by the parties concerned

Answer 5

Express Contract

Question 6

One that is concluded as the result of act or conduct of the parties to which the law ascribes an objective intention to enter into a contract

Ex: Facio Ut Des

Answer 6

Implied Contract

Question 7

Is one that is inexistent from the very beginning and therefore may not be enforced

Answer 7

Void Contract

Question 8

Is one that is expressly prohibited by law

Answer 8

Illegal Contract