In commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomes

Related MCQs

• A agrees to pay Rs.1000 to B if a certain ship returns within a year. However, the ship sinks within the year. In this case, the contract becomes
• Anuj agrees to pay Rs10,000 to Manoj if a certain ship returns within a year. However, the ship sinks within the year. In this case, the contract becomes:
• When after the formation of a valid contract, an event happens which makes the performance of contract impossible then the contract becomes
• A contingent contract dependent on the non happening of specified uncertain event within fixed time can be enforced if the event
• A sells the goodwill of his business to B and agrees with him to refrain from carrying on a similar business within specified local limits. This contract is
• As per Section 20, the contract is void, on account of bilateral mistake of fact. But as per Section 22, if there is mistake of only one party, then the contract is;
• When one party is in a position to dominate the will of another and uses his superior position to obtain the consent of a weaker party, the consent is said to be obtained by;
• Where the performance of a promise by one party depends on the prior performance of promise by the other party, such reciprocal promises fall under category of
• A contingent contract dependent on the non happening of a future uncertain event becomes void when such event
• Which of the following persons can perform the contract?