Short Questions

Short question 1
What is the purpose of law? What are the sources of law?

Purpose of law
The purpose of law is the following:
1.
2.
3.
4.

Establishing Standards in society is purpose of law.

The major purpose of law is to protect the person and their property.
The purpose of law is resolving disputes.
The purpose of law is Protecting Liberties and Rights.

Sources of law
Source` means `origin` which something is ultimately derived and often refers to the causes operating
before the thing itself comes into being.

1.Formal sources These are the sources from which the law derives its force and validity. The only
authority from which laws can spring and derive force and validity is State.

2.Material sources Material sources are those from which we derive the matter of law. It gives the
information as to what the rule of law, regarding a point is.

Short question 2
What are the basic Ingredients of contract? Define agency and explain its parties?
The basic Ingredients of contract
the two basic ingredients of contract are following:

1.Agreement
Every promise and every set of promises, forming the consideration for each other, is an agreement.
i.e Money to be given for purchase of house.

2.Enforceability by law
An agreement is enforceable if it is recognized by court. In order to be enforceable by law, the
agreement must create legal obligations between the parties.

Agency and its parties

a business or organization providing a particular service on behalf of another business, person,
or group,
its parties are agent and principal

a person who acts on behalf of another, in particular is agent.

a person who authorizes another, as an agent, to represent him or her is principal.

Short question 3
What are the different types of contract? Differentiate between void and voidable
contract with example?
The types of contract are following:
1.
2.
3.
4.

Legal effect
Formation
Parties having obligation
Performance

Voidable Contract
A contract becomes voidable when the consent is not free.
Example: A, threatens to shoot B if he does not sell his bike to A. B agrees. This contract is
voidable at the option of B

Void Contract
A Contract which is not enforceable in a court of law is called Void Contract.
Example: there is a Contract between X and Y where Y is a minor who has no capacity to
contract. It is Void Contract.

Short question 4

What is offer? What is consideration and what are its fundamentals?

Offer
present or proffer (something) for (someone) to accept or reject as desired.

Consideration
Consideration is the concept of legal value in connection with contracts. It is anything of value promised
to another when making a contract.

Fundamentals of consideration
Fundamentals of consideration are following:
1.
2.
3.
4.
5.
6.

It must move at the desire of the promiser

It may move from the promise or any other person
It may be an act or promise or abstinence
It may be past present or future
It requires not to be sufficient
It must be real & competent

Short Question 5
Describe the fundamentals of valid contract?
1.proposal and acceptance

2.may be oral or written

3.competency of parties
4.presence of lawful consideration
5.Creation of legal relationship
6.Consent of parties should be free
7.Must be possible to perform
8.Object should be lawful
9.Clarity of terms
10.Not expressly declared void