Quiz To Improve Your Legal Knowledge - Capacity To Contract

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  • 1/71 Questions

    Which of  the following persons are not competent to contract ?

    • Minors
    • Persons of un sound mind
    • Persons disqualified by law
    • All of these.
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About This Quiz

Capacity to contract means a party has the legal ability to enter into a contract. Capacity also means a person has to be competent as defined by law. Someone's capacity is determined by whether or not they have reached the age of majority and if they are mentally capable of understanding the applicable contract terms. Quiz to Improve Your Legal Knowledge about Capacity to Contract

Quiz To Improve Your Legal Knowledge - Capacity To Contract - Quiz

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  • 2. 

    Every person is competent  to contract who is of the

    • Age of majority

    • Age of minority

    • Sound reputation

    • Sound financial

    Correct Answer
    A. Age of majority
    Explanation
    The correct answer is "Age of majority." In contract law, a person must have the legal capacity to enter into a contract. The age of majority refers to the age at which a person is considered an adult and is legally capable of entering into contracts. This age varies from country to country, but it is typically 18 years old. Therefore, only individuals who have reached the age of majority are considered competent to contract.

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  • 3. 

    For the purposes of entering into contract, a minor is a person who has not completed the age of

    • 15 yrs

    • 18 yrs

    • 21 yrs

    • 25 yrs

    Correct Answer
    A. 18 yrs
    Explanation
    A minor refers to a person who is under the legal age of adulthood. In most jurisdictions, the legal age of adulthood is 18 years. Therefore, the correct answer is 18 yrs.

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  • 4. 

    Incompetency to enter into a contract, Includes

    • Minority

    • Disqualificatlon

    • Unsoundness of mind

    • AII of these

    Correct Answer
    A. AII of these
    Explanation
    The correct answer is "All of these." This means that all of the options given (minority, disqualification, unsoundness of mind) are examples of incompetency to enter into a contract. In other words, if someone is a minor, disqualified from entering into a contract, or has unsoundness of mind, they are considered incompetent to enter into a contract.

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  • 5. 

    Which of the following persons are disqualified by law are

    • Alien enemies

    • Insolvents

    • Convicts

    • All of these

    Correct Answer
    A. All of these
    Explanation
    All of the mentioned persons are disqualified by law. Alien enemies, insolvents, and convicts are all categories of individuals who are disqualified by law from certain rights and privileges. Alien enemies are individuals who are citizens of a country that is in a state of war with the country in which they are residing. Insolvents are individuals who are unable to pay their debts. Convicts are individuals who have been found guilty of a crime and sentenced to imprisonment or other penalties. Therefore, all of these persons are disqualified by law.

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  • 6. 

    Every person Is competent to contract who is

    • Of sound mind

    • Not disqualified from contracting

    • Both (a) and (b)

    • None of these

    Correct Answer
    A. Both (a) and (b)
    Explanation
    The correct answer is "Both (a) and (b)". This means that in order to be competent to contract, a person must be of sound mind and not disqualified from contracting. Both of these conditions must be met for a person to be considered competent to enter into a contract.

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  • 7. 

    Which of the following are the persons of unsound mind ?

    • Idiot

    • Iunatic

    • Drunken

    • All of these

    Correct Answer
    A. All of these
    Explanation
    The correct answer is "All of these". This means that all of the mentioned options (Idiot, Lunatic, Drunken) are considered to be persons of unsound mind.

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  • 8. 

    A person who is usually of unsound mind, but occasionally of sound mind

    • Cannot make a contract at all

    • Can make a contract only with court permission

    • Can make a contract when he is of sound mind

    • Can make a voidable contract only

    Correct Answer
    A. Can make a contract when he is of sound mind
    Explanation
    A person who is usually of unsound mind, but occasionally of sound mind can make a contract when he is of sound mind. This means that when the person is in a state of sound mind, they have the capacity to understand the terms and consequences of the contract and can therefore enter into a legally binding agreement. However, when the person is in an unsound mind state, they lack the mental capacity to comprehend the contract and cannot make a valid contract.

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  • 9. 

    An agreement with persons of unsound mind is 

    • Void

    • Voidable

    • Valid

    • Unlawful

    Correct Answer
    A. Void
    Explanation
    An agreement with persons of unsound mind is considered void. This means that the agreement has no legal effect from the beginning because individuals of unsound mind lack the legal capacity to enter into a binding contract. This is a fundamental principle in contract law to protect individuals who cannot fully understand the nature and consequences of their actions.

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  • 10. 

    The capacity to contract means

    • Willingness of the parties to enter into a contract

    • Intention of the parties to enter into a contract

    • Competence of the parties to enter into a valid contract.

    • Certificate to enter into a valid contract

    Correct Answer
    A. Competence of the parties to enter into a valid contract.
    Explanation
    The capacity to contract refers to the legal ability of individuals to enter into a valid contract. It involves the competence or legal capability of the parties involved to understand the terms and consequences of the contract. This includes factors such as age, mental capacity, and legal status. The willingness and intention of the parties to enter into a contract are important elements, but they do not specifically refer to the capacity to contract. The certificate to enter into a valid contract is not a recognized concept in contract law. Therefore, the correct answer is the competence of the parties to enter into a valid contract.

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  • 11. 

    As a general rule an agreement with or by  a minor Is 

    • Void ab-intio

    • Voldable

    • Valid

    • Unlawful

    Correct Answer
    A. Void ab-intio
    Explanation
    An agreement with or by a minor is void ab-initio. This means that the agreement is considered invalid from the beginning and has no legal effect. This is because minors are not considered to have the legal capacity to enter into binding contracts. Therefore, any agreement made by a minor is not enforceable by law.

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  • 12. 

    As per Section 12, a person is said to be of sound mind for the purpose of making a contract if, at the time of making contract, he is capable  of

    • Understanding the contract

    • Forming a rational judgement about the effects of contract on his interest

    • Both (a) and (b)

    • None of these

    Correct Answer
    A. Both (a) and (b)
    Explanation
    According to Section 12, for a person to be considered of sound mind for the purpose of making a contract, they must be capable of both understanding the contract and forming a rational judgment about the effects of the contract on their interests. Therefore, the correct answer is "Both (a) and (b)."

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  • 13. 

    A convict who is sentenced for imprisonment,

    • Cannot enter into contract throughout his . life

    • Cannot enter into contract during the period of imprisonment

    • Can enter into a valid contract even during imprisonment

    • Can enter into only a contract of marriage

    Correct Answer
    A. Cannot enter into contract during the period of imprisonment
    Explanation
    A convict who is sentenced for imprisonment cannot enter into a contract during the period of imprisonment. This is because being in prison restricts their freedom and ability to engage in legal activities, including entering into contracts.

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  • 14. 

    A drunken or intoxicated person Is not competent to contract as he falls in the category  of

    • Persons disqualified by law

    • Persons of unsound mind

    • Persons discarded by society

    • Enemies of society

    Correct Answer
    A. Persons of unsound mind
    Explanation
    A drunken or intoxicated person is considered to be of unsound mind as they are unable to think clearly or make rational decisions due to the effects of alcohol or drugs. Their judgment and ability to understand the terms of a contract may be impaired, making them incompetent to enter into a legally binding agreement.

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  • 15. 

    The expression void ab initio means the contract

    • Becoming void at a later stage

    • Void form the very beginning

    • Enforceable after rectifying the defect

    • Voidable at the option of minor

    Correct Answer
    A. Void form the very beginning
    Explanation
    The correct answer is "Void form the very beginning." The term "void ab initio" refers to a contract that is considered void from the moment it is created. This means that the contract is invalid and has no legal effect from the start.

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  • 16. 

    A minor is incompetent to contract, but the law does not regard him as incapably of a accepting benefit

    • True,as he can enforce the contract in which a minor is beneficiary

    • False,as minor's agreements are void ab initio

    Correct Answer
    A. True,as he can enforce the contract in which a minor is beneficiary
    Explanation
    A minor is considered incompetent to contract, meaning that they do not have the legal capacity to enter into a binding contract. However, this does not mean that a minor is incapable of accepting a benefit from a contract. In this case, the law recognizes that a minor can still enforce a contract in which they are the beneficiary. This means that even though the minor cannot be held legally responsible for their own agreements, they can still receive the benefits of a contract and take legal action to enforce those benefits if necessary.

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  • 17. 

    A contract made by an idiot it

    • Valid

    • Void

    • Voidable

    • Illegal

    Correct Answer
    A. Void
    Explanation
    A contract made by an idiot is considered void because it lacks the necessary capacity or legal competence required for a valid contract. In legal terms, an "idiot" refers to a person who is mentally incapable of understanding the nature and consequences of their actions. Therefore, any contract entered into by an idiot is deemed void and unenforceable by law.

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  • 18. 

    Under English Law, for all purposes, a minor is a person who is under the age of

    • 15 yrs

    • 18 yrs

    • 21 yrs

    • 25 yrs

    Correct Answer
    A. 18 yrs
    Explanation
    Under English Law, a minor is defined as a person who is under the age of 18 years. This means that individuals who are 18 years old or older are considered adults and have the legal capacity to make decisions and enter into contracts without the need for parental consent or supervision. The age of 18 is generally recognized as the age at which individuals reach the age of majority and are considered fully responsible for their actions under the law.

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  • 19. 

    A contract made by a drunken or intoxicated person is

    • Valid

    • Voidable

    • Void

    • Unlawful

    Correct Answer
    A. Void
    Explanation
    A contract made by a drunken or intoxicated person is void because the person lacks the capacity to understand and consent to the terms of the contract. In such a state, their judgment and decision-making abilities are impaired, rendering the contract invalid.

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  • 20. 

    An agreement made by a person of unsound mind is void. However, he can enter into a valid contract if he is of sound mind at the time of agreement. This is provided in

    • Section 12

    • Section 13

    • Section 14

    • None of these

    Correct Answer
    A. Section 12
    Explanation
    Section 12 of an undisclosed law states that an agreement made by a person of unsound mind is void. However, the person can still enter into a valid contract if they are of sound mind at the time of agreement. This means that if a person is mentally unstable or incapable of understanding the terms and consequences of a contract, any agreement they make will be considered void. However, if the person regains their sanity and is able to comprehend the terms, they can enter into a valid contract.

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  • 21. 

    Which of the following persons are not competent to contract being the persons disqualified by law ?

    • Alien enemies

    • Insolvents

    • Convicts

    • All of these

    Correct Answer
    A. All of these
    Explanation
    The persons disqualified by law from contracting include alien enemies, insolvents, and convicts. Alien enemies are individuals who are citizens of a country that is at war with the country in which the contract is being made. Insolvents are individuals who are unable to pay their debts. Convicts are individuals who have been convicted of a crime. All of these individuals are not competent to contract due to legal disqualification.

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  • 22. 

    Which of the following conditions should be satisfied for liability of minor's estate for necessaries supplied to him ?

    • Goods supplied should be reasonably necessary for minor's support in life

    • Minor should not have already sufficient supply of such necessaries

    • Both (a) and (b) should be satisfied

    • None of these as estate's liability is absolute

    Correct Answer
    A. Both (a) and (b) should be satisfied
    Explanation
    For the liability of a minor's estate for necessaries supplied to him, both conditions (a) and (b) should be satisfied. Condition (a) states that the goods supplied should be reasonably necessary for the minor's support in life. Condition (b) states that the minor should not already have a sufficient supply of such necessaries. Therefore, both conditions need to be met in order for the minor's estate to be held liable for the supplied necessaries.

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  • 23. 

    Flaw in capacity to contract may arise form

    • Uncertainty of object

    • Unsoundness of mind

    • Want of consideration

    • Illegality of object

    Correct Answer
    A. Unsoundness of mind
    Explanation
    The correct answer is "Unsoundness of mind." This refers to a situation where one or more parties involved in a contract have a mental condition that impairs their ability to understand and make informed decisions. This can include conditions such as insanity, intoxication, or mental illness. When a person's mental capacity is compromised, they may not be able to fully comprehend the terms and consequences of a contract, making it invalid.

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  • 24. 

    A lunatic can enter into a valid contract

    • At any time

    • Only with court permission

    • If the other party has no objection

    • Only during lucid intervals

    Correct Answer
    A. Only during lucid intervals
    Explanation
    A lunatic refers to a person who is mentally unstable or insane. While they may not have the capacity to enter into a valid contract all the time, they can do so during lucid intervals. A lucid interval refers to a period when the person's mental state is clear and they are able to understand the terms and consequences of a contract. Therefore, it is important for a lunatic to be in a state of mental clarity in order for their contract to be considered valid.

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  • 25. 

    The contractual capacity of a company registered under the Companies Act, 1956, is regulated by  the

    • Memorandum of association

    • Provisions of the Companies Act

    • Both (a) and (b)

    • The Government of India

    Correct Answer
    A. Both (a) and (b)
    Explanation
    The contractual capacity of a company registered under the Companies Act, 1956, is regulated by both the Memorandum of association and the provisions of the Companies Act. The Memorandum of association sets out the objectives and powers of the company, including its capacity to enter into contracts. The Companies Act also provides regulations and guidelines regarding the contractual capacity of companies, ensuring that they operate within legal boundaries and protecting the interests of all parties involved in the contracts. Therefore, both the Memorandum of association and the provisions of the Companies Act play a crucial role in regulating the contractual capacity of such companies.

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  • 26. 

    In case of minor's agreements, the estoppel against minor

    • Does apply

    • Does not apply

    • Opposed to public policy

    • None of these

    Correct Answer
    A. Does not apply
    Explanation
    The estoppel doctrine does not apply in the case of minor's agreements. Estoppel is a legal principle that prevents a person from denying or asserting something contrary to what they had previously stated or done. However, minors are generally considered to lack the legal capacity to enter into binding contracts. Therefore, they are not held accountable for their statements or actions in the same way as adults, and the concept of estoppel does not apply to them.

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  • 27. 

    The Capacity to contract is

    • A legal rule of validity

    • An essential element of a valid contract

    • An essential element of competency

    • None of these

    Correct Answer
    A. An essential element of a valid contract
    Explanation
    The capacity to contract is an essential element of a valid contract because it refers to the legal ability of individuals to enter into a contract. In order for a contract to be enforceable, all parties involved must have the mental and legal capacity to understand the terms and obligations of the contract. If a person lacks the capacity to contract, such as minors or individuals with mental disabilities, the contract may be considered void or voidable. Therefore, the capacity to contract is crucial in ensuring that contracts are legally binding and enforceable.

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  • 28. 

    The leading case on the point that minor's agreement is void ab initio,is

    • Lalman Shukla v. Gauri Datt

    • Cariill V. Carbolic Smoke Ball Co

    • Mohoribiobi v. Dharmaodas Ghose

    • Nash v. Imman

    Correct Answer
    A. Mohoribiobi v. Dharmaodas Ghose
    Explanation
    Mohoribiobi v. Dharmaodas Ghose is the leading case on the point that a minor's agreement is void ab initio. In this case, the court held that a minor's agreement is void and cannot be enforced, even if the minor has received some benefit from the contract. This case established the principle that a minor lacks the legal capacity to enter into a binding contract and that any agreement made by a minor is considered void from the beginning.

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  • 29. 

    In certain circumstances minor's agreements are considered valid and enforceable

    • True,as certain exception are recognised under law

    • False,as minor's agreements are void ab Initio

    Correct Answer
    A. True,as certain exception are recognised under law
    Explanation
    Under certain circumstances, minor's agreements can be considered valid and enforceable. This is because there are certain exceptions recognized under the law where minors can enter into contracts that are binding. These exceptions include contracts for necessities, contracts for education or employment, and contracts that have been ratified or affirmed by the minor after reaching the age of majority. Therefore, it is true that certain exceptions are recognized under the law for minor's agreements to be valid and enforceable.

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  • 30. 

    As per Section 11, the persons disqualified by law are

    • Not competent to contract

    • Competent to contract

    • Person of unsound mind

    • None of these

    Correct Answer
    A. Not competent to contract
    Explanation
    According to Section 11, the persons disqualified by law are those who are not competent to contract. This means that they do not have the legal capacity to enter into a contract. This could include minors, individuals with mental disabilities, and those who are under the influence of drugs or alcohol. Competent to contract refers to individuals who have the legal capacity to enter into a contract. Person of unsound mind is another term for individuals who are mentally incapacitated and therefore disqualified from entering into contracts. "None of these" is not the correct answer as Section 11 clearly states that persons not competent to contract are disqualified.

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  • 31. 

    Which of the following persons are not competent to contract being the persons disqualified by law ?

    • Idiots

    • Lunatics

    • Alien

    • Drunken persons

    Correct Answer
    A. Alien
    Explanation
    The question is asking about the persons who are disqualified by law from entering into a contract. The options given are idiots, lunatics, aliens, and drunken persons. The correct answer is "Alien" because being an alien does not automatically disqualify a person from entering into a contract. The other options, idiots, lunatics, and drunken persons, may be considered incompetent to contract due to their mental capacity or state.

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  • 32. 

    Which of the following persons are not disqualified by law to enter into a valid contract I.idiot II.insolvent III.person of 19 years IV.diplomatic staff of foreign state 

    • (i), (ii)

    • (iii), (iv)

    • (i),(iv)

    • (ii),(iv)

    Correct Answer
    A. (iii), (iv)
    Explanation
    The question is asking which of the given persons are not disqualified by law to enter into a valid contract. The correct answer is (iii), (iv) which means that a person of 19 years and a diplomatic staff of a foreign state are not disqualified by law to enter into a valid contract. This means that both a person who is 19 years old and a diplomatic staff member can legally enter into a contract without any legal restrictions or disqualifications.

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  • 33. 

    In reference to Lunatics, the term 'lucid Intervals' means the period when he is

    • Under medical treatment

    • Of sound mind

    • Of unsound mind

    • None of these

    Correct Answer
    A. Of sound mind
    Explanation
    The term "lucid intervals" refers to periods when a person with a mental illness or disorder, such as lunatics, experiences moments of clarity and rationality. During these intervals, they are of sound mind, meaning they are able to think and behave in a rational and coherent manner. This is in contrast to their usual state of being of unsound mind, where they may exhibit irrational thoughts and behaviors. Therefore, the correct answer is "Of sound mind."

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  • 34. 

    A person of unsound mind can enter into a valid and enforceable contract if he is of sound  mind

    • At the time of making contract

    • At the time of enforcing contract

    • At the time of making as well as enforcing the contract

    • None of these, as such a contract is void ab initio

    Correct Answer
    A. At the time of making contract
    Explanation
    A person of unsound mind can enter into a valid and enforceable contract if he is of sound mind at the time of making the contract. This means that even if the person later becomes of unsound mind, the contract will still be considered valid and enforceable as long as they were of sound mind when they entered into the agreement. However, if the person was of unsound mind at the time of making the contract, then the contract would be considered void ab initio, meaning it is void from the beginning and has no legal effect.

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  • 35. 

    The ' sound mind'  for the purposes of entering into a valid contract is defined  in

    • Section 11

    • Section 12

    • Section 25

    • Section 68.

    Correct Answer
    A. Section 12
  • 36. 

    An agreement by or with a party not competent to contract is

    • Minors

    • Voidable

    • Forbidden

    • Void

    Correct Answer
    A. Void
    Explanation
    An agreement by or with a party not competent to contract is void. This means that the agreement is invalid and has no legal effect. Parties who are not competent to contract, such as minors, do not have the legal capacity to enter into binding agreements. Therefore, any agreement made with them or by them is considered void and cannot be enforced by law.

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  • 37. 

    A minor ,

    • Can become a partner in a partnership firm

    • Cannot become a partner in a partnership firm even on attaining majority

    • Can be admitted to the benefits of the firm

    • Cannot be admitted to the benefits of the firm

    Correct Answer
    A. Can be admitted to the benefits of the firm
    Explanation
    A minor can be admitted to the benefits of a partnership firm, which means they can receive a share of the profits and have a right to inspect and access the books of the firm. However, they cannot become a full partner in the firm until they reach the age of majority. This is because minors are not legally capable of entering into a binding contract, and a partnership is a contractual relationship. Therefore, while a minor can enjoy some of the benefits of a partnership, they cannot have the full rights and responsibilities of a partner until they become an adult.

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  • 38. 

    Which of the following is considered to fall is in the category of 'necessaries?

    • Expenses incurred for performing funeral ceremonies of minor's father

    • Money borrowed to save minor's property from sale in execution

    • Expenses for education, training for trade, medical care and legal advice etc

    • All of these have been held by courts to fell In this category

    Correct Answer
    A. All of these have been held by courts to fell In this category
    Explanation
    All of the options listed have been determined by courts to fall under the category of 'necessaries'. This means that expenses incurred for funeral ceremonies, money borrowed to save property, expenses for education, training, medical care, and legal advice are all considered essential and necessary expenses.

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  • 39. 

    The capacity to contract (i.e.. Competence of the parties) is defined in

    • Sec 10

    • Sec 11

    • Sec 24

    • Sec 25

    Correct Answer
    A. Sec 11
    Explanation
    Section 11 of the contract law defines the capacity to contract, also known as the competence of the parties. This section outlines the requirements that must be met for a person to be considered legally capable of entering into a contract. It specifies that a person must be of the age of majority, of sound mind, and not disqualified by any law to be competent to contract. In other words, this section determines whether a person has the legal ability to enter into a contract and be bound by its terms.

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  • 40. 

    Contracts with an alien enemy before the declaration of war, which are against the national interest, are

    • Terminated

    • Not affected at all

    • Suspended and revived after war

    • None of these

    Correct Answer
    A. Terminated
    Explanation
    Contracts with an alien enemy before the declaration of war, which are against the national interest, are terminated. This means that these contracts are ended and no longer valid or enforceable. This is likely done to protect the national interest and ensure that agreements made with an enemy alien are not honored or upheld once a state of war is declared.

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  • 41. 

    A minor is defined as a person who has not completed eighteen years of age in section 3 of  the

    • Guardians and Wards Act, 1890

    • Indian Contract Act, 1872

    • Indian Majority Act, 1875

    • Court of Wards Act

    Correct Answer
    A. Indian Majority Act, 1875
    Explanation
    The Indian Majority Act, 1875 defines a minor as a person who has not completed eighteen years of age. This Act is the legislation that determines the age at which a person becomes a major and is capable of entering into contracts and making decisions on their own. The other options mentioned in the question are not relevant to the definition of a minor.

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  • 42. 

    A minor,

    • Can be appointed as an agent.

    • Cannot be appointed as an agent

    • Can appoint others as his agent

    • None of these

    Correct Answer
    A. Can be appointed as an agent.
    Explanation
    A minor can be appointed as an agent because there is no legal restriction on their ability to act as an agent. However, it is important to note that a minor's capacity to enter into contracts may be limited, and they may require the consent or approval of a parent or guardian in certain situations. Nonetheless, a minor can still fulfill the role of an agent as long as they meet the necessary requirements and obligations.

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  • 43. 

    The competence of the person of unsound mind to enter into contract when he is of sound mind is  provided in

    • Section 11

    • Section 12

    • Section 13

    • Section 25

    Correct Answer
    A. Section 12
    Explanation
    Section 12 of the law provides the provision for the competence of a person of unsound mind to enter into a contract when he is of sound mind. This section states that a person who is usually of unsound mind but occasionally of sound mind can enter into a contract during the periods of sound mind. It implies that when the person is of sound mind, he has the legal capacity to enter into a contract, even though he may be generally considered as of unsound mind.

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  • 44. 

    A contact which is beneficial to minor (i.e., in which minor is beneficiary),

    • Is void ab inito

    • Is voidable

    • Cannot be enforced by minor

    • Can be enforced by minor

    Correct Answer
    A. Can be enforced by minor
    Explanation
    A contact which is beneficial to a minor can be enforced by the minor. This means that even though the minor is not of legal age to enter into a contract, they can still enforce the contract if it is in their favor. This is because the law recognizes that minors should be protected and not taken advantage of in contractual agreements. Therefore, if a contract is beneficial to a minor, they have the right to enforce it.

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  • 45. 

    Can a minor he held personally liable for the' necessaries' supplied to him ?

    • Yes, under Section 68 minor is personally liable

    • No. under Section 68 only minor's property is liable

    Correct Answer
    A. No. under Section 68 only minor's property is liable
    Explanation
    According to Section 68, a minor cannot be held personally liable for the "necessaries" supplied to them. Only the minor's property can be held liable for any debts or obligations.

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  • 46. 

    A minor, who by fraudulently representing his age, borrows some money

    • Can be sued for tort of deceit (i.e.,fraud)

    • Cannot be sued for tort of deceit.

    • Becomes a fraud person In the eyes of law

    • Suffers permanent capadty to contract

    Correct Answer
    A. Cannot be sued for tort of deceit.
  • 47. 

    A minor,

    • Can be declared as insolvent

    • Cannot be dedared as insolvent

    • Can be dedared insolvent for limited purpose.

    • Is regarded as insolvent under law.

    Correct Answer
    A. Cannot be dedared as insolvent
    Explanation
    A minor cannot be declared as insolvent because they are not legally capable of entering into contracts or being held responsible for debts. Insolvency is a legal status that applies to individuals or businesses who are unable to repay their debts. Since minors are not considered legally competent, they cannot be held liable for their debts and therefore cannot be declared as insolvent.

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  • 48. 

    Which of the following statements are incorrect on convict's capacity to enter into contract on the expiry of his sentence? A convict I.Can enter into a valid contract II.Cannot enter into a valid contract III.Treated at par with idiots for the purpose of contracting IV.Becomes permanently incapable of entering into contract

    • I,II,III

    • II,III,IV

    • I,II,IV

    • I,III,IV

    Correct Answer
    A. II,III,IV
    Explanation
    A convict can enter into a valid contract after the expiry of his sentence. Therefore, statement II is incorrect. However, statement III is also incorrect because a convict is not treated at par with idiots for the purpose of contracting. Additionally, statement IV is incorrect because a convict does not become permanently incapable of entering into a contract. Therefore, the correct answer is II, III, IV.

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  • 49. 

    The soundness of mind for the purposes of entering into a valid contract is defined In 

    • Sec lO

    • Sec ll

    • Sec l2

    • Judicial decisions

    Correct Answer
    A. Sec l2
    Explanation
    The correct answer is Sec 12. This section of the law defines the soundness of mind required to enter into a valid contract. It outlines that a person must be of sound mind, meaning they are capable of understanding the terms and consequences of the contract, and are not suffering from any mental illness or impairment that would affect their ability to make informed decisions. This section provides the legal standard for determining whether a person has the necessary mental capacity to enter into a contract.

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  • Jul 04, 2024
    Quiz Edited by
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  • Jul 05, 2011
    Quiz Created by
    Sweetsalman123
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