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1. If it is forbidden by law. 

2. If it is fraudulent.

The consideration or object is unlawful (Sec. 23) makes the agreement Illegal.

“A person is said to be of unsound mind for the purpose of making a contract, if he is incapable of understanding it and of making a rational judgement as to its effect upon his interests.”

A contract is an agreement between two or more parties which creates a legal obligation between the parties whereas quasi contract presumes the existence of contract, even though no agreement was made between the parties.

Where a party to a contract has done what he had undertaken to do is known as actual performance.

Section 25 deals with the exception of one rule. The rule is that the agreements are enforceable by law even though they are made without consideration. Such cases are, A written and registered agreement based on natural love and affection between near ones and relatives.

Contractual capacity means competence of the parties to enter into a valid contract.

(d) All of these

According to Section 17, fraud means any act committed by a party to a contract, or with his connivance or by his agent with the intent to deceive or to induce a person to enter into a contract. 

Example : 

If any shopkeeper gives the customer a cotton piece of cloth saying that it is terrycot, than it is said that shopkeeper has shown fraud behaviour to the customer.

Consideration is when both the parties give something and get something in return.

The aggrieved party, in case of misrepresentation by other party can avoid or rescind the contract or accept the contract, but insist that he shall be placed in the position in which he would have been, if the representation made had been true.

Misrepresentation is a false statement which the person making it honestly believes to be true or which he floes not know to be false.

1. Minors. 

2. Person of unsound mind. 

3. Person disqualified by any law.

Capacity to contract means competence of the parties to enter into a valid contract. 

According to Section 11, every such person is competent to contract: 

1. Who has attained the age of maturity. 

2. Who is of sound mind. 

3. Is not disqualified from contracting by any law to which he is subject.

1. Who has attained the age of maturity. 

2. Person of sound mind. 

3. Is not disqualified by law.

Misrepresentation is a false statement which the person making it honestly believes to be true or which he does not know to be false.

The bailment of goods as a security for payment of a debt is pledge, and the bailor is called the pledger or pawnor.

When one person offers another person his willingness to do or to abstain from doing anything with a view to obtain the assent of other to such act or abstinence, then it is said that first person has offered something to other person, but the conversation of only disclosing the intention to making an offer will never be counted as one party has offered something to other party. Therefore, an invitation to make an offer does not constitute an offer or just saying anything to the other party does not constitute an offer.

At least two parties.

According to Sec. 11, the following persons are incompetent to contract : 

1. Minors, 

2. Persons of unsound mind, 

3. Persons disqualified by any law.

Any agreement which is not enforceable by law is called a void agreement.

Misrepresentation is a false statement which the person making it honestly believes to be true or which he does not know to be false.

According to Sec. 18, misrepresentation is : 

1. When a person positively asserts that a fact is true when his information does not warrant it to be so, though he believes it to be true. 

2. When there is a breach of duty by a person which brings an advantage to the person committing it by misleading another to his prejudice 

3. When a party causes, however, innocently the other party to the agreement to make a mistake as to the substance of the thing which is the subject of the agreement

The person to whom goods are delivered is called the bailee.

Agency is a relationship created through an agreement between a principal and an agent under which the principal gives authority to the agent to represent him before the third parties or to enter into contract with third parties on his behalf.

(d) All of these

To disclose known faults or facts about the goods pledged.

1. Coercion is committing or threatening to commit any act forbidden by the IPC or the unlawful detaining or threatening any property, with the intention of causing any person to enter into an agreement. 

2. Threat to shoot, murder, threat to hurt, rape, theft, attempt to commit suicide, use of force, beating, causing fear of physical harm or loss, etc. 

3. The intention behind applying coercion is to induce the other party to enter into a contract. 4. Coercion may move from any person and can be directed towards any person

The contract must not have been expressly declared void by any law in force in the country. It is declared void if any of the essential elements are missing, like free consent, lawful consideration, etc.

The person who promises to make good the loss is called an indemnifier.

Pledgee or pawnee.

Proposal is also known as offer.

Performance of a contract takes place when the parties to the contract fulfill their obligations arising under the contract within the time and in the manner prescribed. The parties to a contract must either perform or offer to perform, their respective promises, unless such performance is dispensed with or excused under the provisions of the contract or by any other law. If the party to the contract dies before the performance of the contract, then the other party to the contract can compel that party’s legal heir for its performance, if the performance does not require special skills or ability.

The performance of the contract can be done in two ways :

• Actual performance : 

Where a party to a contract has done what he had under-taken to do. 

• Offer to perform or attempted performance or lender of performance : 

It may happen, sometimes, when the performance becomes due, the promisor offers to per-form his obligation, but the promisee refuses to accept the performance.

A contract may be performed by the promisor himself, or by his agent, representative, third person or by joint promisors. 

A contract need not be performed :

1. When its performance becomes impossible. When the parties to it agree to substitute a new contract for it or rescind it. 

2. When the contract is illegal.

The person whose loss it to be made good is called the indemnity-holder.

Pledger or pawnor.

Legal formation means a contract that may be made by words spoken or written. As regards the legal effects, there is no difference between a contract in writing and a contract made by words of mouth. There are some other formalities which have to be com-plied with, in order to make a contract legally enforceable, like a contract besides being written, has to be registered, stamped, properly attested and so on.

Here, P = 150000, R = 10 p.c.p.a., T = 2 years 

∴ Total interest = (P x R x T)/100

= (150000 x 10 x 2)/100

= Rs. 30000

∴ Total amount = Principal + Total Interest 

= 150000 + 30000 

= Rs 180000 

∴ Pankaj will receive Rs 180000 from the bank.

1. 1500, 7000

2. 3000, 9000 

3. 135

The bailment of goods as a security for payment of a debt or performance of a promise is called “pledge”.

A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person is called a contract of indemnity.

1. 30000 

2. 8 

3. 2400 

4. 1 5. Rs 32400

Amount = Principal + Interest 

∴17400 = 12000 + Interest 

∴Interest = 17400 – 12000 = Rs 5400 

∴  Total interest = (P x R x T)/100

5400 = (12000 x 9 x T)/100

∴ (5400 x 100)/(12000 x 9) = T

∴ T = 5 years

∴ Javed had deposited the amout for 5 years.

Here, R = 10 p.c.p.a, T = 2.5 years, I = Rs 10250

Total interest = (P x R x T)/100

∴ 10250 = (P x 10 x 2.5)/100

∴10250 = (P x 25)/100

∴ (10250 x 100)/25 = P

∴ P = Rs. 41000

∴ Lataben had borrowed an amount of Rs. 41000 form the bank.

1. When creditor doesn’t reveal all the facts, related to principal debtor. 

2. If the guarantee given by surety is not at the request of the principal debtor. 

3. If any changes are made in the terms of the contract by the principal creditor without informing the surety. 

4. The lunacy of the surety will discharge him of his future liability towards the guarantee given. 

5. A guarantee obtained by means of misrepresentation made by the creditor.

1. The undertaking to be given by the surety under contract of guarantee must be on the request of the principal debtor. 

2. The primary liability is that of the principal debtor and the liability of the surety is secondary. It arises only when there is a default by the principal debtor. 

3. For a valid contract of guarantee, it is essential that the creditors must reveal all the facts related to the principal debtor, which may effect the liability of surety, clearly. 

4. The contract of guarantee may be oral or written, or both. The guarantee given in case of hank is usually a written contract. 

5. If guarantee given by the surety is not at the request of the principal debtor, in such a case, the contract is not taken as a valid one.

Here, P = Rs 250000, R = 10 p.c.p.a., T = 5 years 

∴ Total interest = (P x R x T)/100

= (250000 x 10 x 5)/100 

= 2500 x 10 x 5 

= Rs 1,25,000 

∴ Yearly interest = Total interest ÷ Time

= 1,25,000 ÷ 5 = Rs 25000 

Total amount to be returned = Principal + Total interest 

= 250000 + 125000 = Rs 375000 

∴ The yearly interest is Rs 25,000 and Jethalal will have to return Rs 3,75,000 to the bank.

“Marketing mix is a pack of four sets of variables namely product variable, price variable, promotion variable, and place variable”

1. A list of important elements or ingredients that make up the marketing programme 

2. The list of forces having bearing on marketing operations.

Elements of Marketing of Mix:

1. Product is the main element of marketing. Without a product, there can be no marketing..

2. Price is the value of a product expressed in monetary terms. It is the amount charged for the product.

Marketing is one of the business functions. The development of marketing is evolutionary rather than revolutionary.

Evolution of Marketing:

1. Barter System: The goods are exchanged against goods, without money. 

2. Production Orientation: This was a stage where producers, instead of being concerned with the consumer preferences, concentrated on the mass production of goods.

3. Sales Orientation: The selling became the dominant factor, without any efforts for the satisfaction of the consumer needs. 

4. Marketing Orientation: Customers importance was realised but only as a means of disposing of goods produced. 

5. Consumer Orientation: Under this stage only such products are brought forward to the markets which are capable of satisfying the tastes and preferences of consumers.

Yes, it is a bailment contract, as for security purpose jewellery is kept.

class Circle:

pi=3.14

def_init_(self,radius)

 self.radius=radius

def area(self):

return Circle.pi*(self.radius**2)

def circumference(self):

return 2*Circle.pi*self.radius

r = int(input(“Enter Radius:”))

C=Circle(r)

print(“The Area = ” ,C.area( ))

print(“The Circumference = ” , C.circumference( )) 

Output:

Enter Radius: 5

The Area = 78.5

The Circumference = 31.400000000000002