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Performance of the conditions of a proposal, or the acceptance of any consideration for a reciprocal promise which may be offered with a proposal, is an . . . . . . . . of the proposal.

Correct Answer: Acceptance

Which of the following are the drawbacks of acceptance sampling? (i) Acceptance sampling is less expensive. (ii) Acceptance sampling has the risk of accepting good lots and rejecting bad lots. (iii) Acceptance sampling requires planning and documentation of the acceptance-sampling procedure whereas 100% inspection does not. (iv) Acceptance sampling requires less manpower.

A agrees to sell his house to B for 10,000 rupees. Here, B's promise to pay the sum of 10,000 rupees is the consideration for A's promise to sell the house, and A's promise to sell the house is the consideration for B's promise to pay the 10,000 rupees.

If instead of avoiding the contract the contractor accepts the belated performance of reciprocal obligation on the part of the employer, the innocent party i.e., the contractor, cannot claim compensation for any loss occasioned by the non-performance of the reciprocal promise by the employer at the time agreed, unless at the time of such acceptance, he gives notice to the promisor of his intention to do so. In which case it was held

According to Salmond and Winfield, "A promise without consideration is a gift; one made for a consideration is a bargain." However, in the following circumstances a contract without consideration will be perfectly valid
1. An agreement in writing made on account of natural love and affection
2. Contract of Agency
3. Promise to pay a time-barred debt
4. Oral promise made on account of natural love and affection

Consider the following statements-
(1) Performance of a legal duty is no consideration for a promise.
(2) Forbearance to sue has always been regarded as valuable consideration.
(3) It is not necessary that consideration should be adequate to the promise.
Which of the above statementls is/are correct?

Consider the following statements in respect of acceptance:
1. In case of telephonic conversation, the contract is complete when the acceptor speaks the words of acceptance.
2. Conditional or qualified acceptance is also an acceptance.
3. Acceptance should be in the usual prescribed manner.
Which of the statements given above is/are correct?

Consider the following statements:
1. There may be situations where only one party is bound to the terms of the contract.
2. In order to convert a proposal into a promise, the acceptance must be absolute and may be unqualified.
3. Death or insanity of the proposer is considered as good ground for revocation of proposal in all circumstances.
Choose the correct option from below:

. . . . . . . . of the Indian Contract Act, 1872 prescribes that the acceptance must be made in a reasonable manner. If the proposer has prescribed a manner of acceptance, the acceptance must be made in that manner, if not so made, there is a contract only if the proposer 'accepts the acceptance'

In a class, 30% of the students offered English, 20% offered Hindi and 10% offered both. If a student is selected at random, what is the probability that he. has offered English or Hindi ?

In a class, 30% of the students offered English, 20% offered Hindi and 10% offered both. If a student is selected at random, What is the probability that he has offered English or Hindi ?