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Biyani's Think Tank Concept based notes Business Laws (MBA) Lecturer Deptt. of Commerce & Management Biyani Girls College, Jaipur For more details: - http://www.gurukpo.com 2 Published by : Think Tanks Biyani Group of Colleges Concept & Copyright : ©Biyani Shikshan Samiti Sector-3, Vidhyadhar Nagar, Jaipur-302 023 (Rajasthan) Ph : 0141-2338371, 2338591-95 • Fax : 0141-2338007 E-mail : acad@biyanicolleges.org Website :www.gurukpo.com; www.biyanicolleges.org First Edition : 2009 While every effort is taken to avoid errors or omissions in this Publication, any mistake or omission that may have crept in is not intentional. It may be taken note of that neither the publisher nor the author will be responsible for…show more content…
Q.9 What is Bilateral and Unilateral contract? Ans.: Bilateral contract is one in which both the parties exchange a promise to each other, which is to be performed in future, but still outstanding hence, it is called bilateral contract and similar to executory contract on the other hand, Unilateral contract is one in it a promisor promises to do something. In such a contract, promisor binds himself to perform his promise but the offerer does not do so. Therefore, it is called Unilateral Contract. Q.10 Explain capacity to contract. Ans.: The term capacity to contract means competence to legally enter into a contract that is legally binding to the parties. Q.11 Who is a Minor? Ans.: A minor is a person who has not completed eighteen years of age. Who has not completed the age of 21 years in case the court has appointed guardian or superintendence of court of wards of minor’s property. For more details: - http://www.gurukpo.com 6 Q.12 What is Consent? Ans.: According to Section 13 “Two or more persons are said to consent when they agree upon the same thing in the same sense.” It is Unison or meeting of mind or consensus ad idem. Q.13 What is Coercion? Ans.: According to Section 15 of Indian Contract Act, 1872, “Committing any act forbidden by Indian Penal Code or detaining or threatening to detain property of another for getting consent is coercion.” Q.14 Explain undue influence. Ans.: When a dominating party misuses his influence to dominate the will of the

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