11th Commerce - Book Back Answers - Chapter 29 - English Medium Gudies

 

 

Plus One / 11th Commerce - Book Back Answers - Chapter 29 - English Medium

Tamil Nadu Board 11th Standard Commerce - Chapter 1: Book Back Answers and Solutions

    This post covers the book back answers and solutions for Chapter 29 – Commerce from the Tamil Nadu State Board 11th Standard Commerce textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

    We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

    By going through this material, you’ll gain a strong understanding of Commerce  Chapter 29 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

• 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following 
• 2 Mark Questions: Answer briefly 
• 3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 11 students! Prepare well and aim for top scores. Thank you!

Chapter 29: ELEMENTS OF CONTRACT

I. Choose the correct answer

1. An agreement enforceable by law is a
(a) Enforceable acceptance
(b) Accepted offer
(c) Approved promise    
(d) Contract
Answer Key:
(d) Contract

2. Every promise and every set of promises, forming the consideration for each other, is an
(a) Agreement
(b) Contract
(c) Offer
(d) Acceptance
Answer Key:
(a) Agreement

3. Void agreement signifies
(a) Agreement illegal in nature
(b) Agreement not enforceable by law
(c) Agreement violating legal procedure
(d) Agreement against public policy
Answer Key:
(b) Agreement not enforceable by law
 
4. Acceptance to be valid must
(a) Be absolute    
(b) Be unqualified
(c) Both be absolute & unqualified
(d) Be conditional
Answer Key:
(c) Both be absolute & unqualified

5. A contract with or by a minor is a
(a) Valid contract             
(b) Void contract
(c) Voidable contract    
(d) Voidable at the option of either party
Answer Key:
(b) Void contract

II. Very Short answer questions

  

1. What is Law?

• Law means a ‘set of rules’ which governs our behaviour and relating in a civilized society.
• So there is no need of Law in a uncivilized society  .

2. What is meant by Contract?

• As per the Indian Contract Act, 1872, a “contract” is an agreement enforceable by law.
• The agreements not enforceable by law are not contracts.
• Contract = Agreement + Enforceability by law.

3. How many parts of Indian Contract Law are classified?

• General Contracts
• Special Contracts

 

III. Short answer questions

1. What is meant by Offer. 

• When one person signifies to another his willingness to do or to abstain from doing anything,
• With a view to obtaining the assent of that other person either to such act or abstinence,
• He is said to make  a proposal.

2. What do you mean by Agreement?

• Every promise and set of promises forming consideration for each other is an agreement.
• Agreement = Offer + Acceptance.

3. What is meant by Voidable Contract?

• An agreement which is enforceable by law at the option of one or more parties but not at the option of the other or others is a voidable contract.
• This is the result of coercion, undue influence, fraud and misrepresentation

IV. Long answer questions

1. Explain the essentials of a Valid Contract. (any 5)
Legal Relationship

• The parties must have the intention to create legal relationship between them.

Lawful Consideration

• As per Contract Act under Sec.2 (d) Consideration means something in return.

Lawful Object

• The object of agreement should be lawful and legal.

Free Consent

• Consent of the parties must be free and genuine.

Certainty of Terms

• The agreement should be clear to the parities of the agreement

2. Difference between Contract and Agreement.

Basis	Contract	Agreement
Definition	A contract is an agreement enforceable by law.	An Agreement is every promise forming consideration
Enforceability	Every contract is enforceable	Every promise is not enforceable.
Inter relationship	A contract includes an agreement.	An agreement does not include a contract
Validity	Only legal agreements are called contracts.	An agreement may be both legaland illegal.
Legal Obligation	Every contract contains a legal obligation	It is not necessary for every agreement to have legal obligation.

 

3. Explain the classification of Contract on the basis of the Performance.
Executed Contract

• A contract in which both the parties have fulfilled their obligations under the contract.

Executory Contract

• A contract in which both the parties are yet to fulfil their obligations, it is said to be an executory contract.

Unilateral Contract

• A unilateral contract is a one sided contract in which only one party has performed his promise or obligation, the other party has to perform his promise or obligation.

Bilateral Contract

• A contract in which both the parties commit to perform their respective promises is called a bilateral contract.