Contract Law Study Resources for Competitive Exams

Contract Law

Q. Which of the following is NOT a valid form of consideration?

Solution

Moral obligation is not considered valid consideration under contract law.

Correct Answer: D — Moral obligation

Q. Which of the following is true regarding the duty to mitigate damages?

Solution

The non-breaching party has a duty to take reasonable steps to mitigate their damages after a breach occurs.

Correct Answer: B — The non-breaching party must take reasonable steps to reduce their losses

Q. Which remedy allows a non-breaching party to recover the value of benefits conferred to the breaching party?

Solution

Restitution allows a non-breaching party to recover the value of benefits conferred to the breaching party.

Correct Answer: B — Restitution

Q. Which remedy allows a party to recover the value of benefits conferred to the other party?

Solution

Restitution allows a party to recover the value of benefits conferred to the other party.

Correct Answer: B — Restitution

Q. Which remedy is typically available for breach of contract under the Transfer of Property Act?

Solution

All of these remedies can be available for breach of contract, depending on the circumstances.

Correct Answer: D — All of the above

Q. Which remedy is typically sought for a breach of contract?

Solution

Damages are the most common remedy sought for a breach of contract, compensating the injured party for losses.

Correct Answer: C — Damages

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