Question
Under the Indian Contract Act, a collateral contract
that involves an illegal object but is signed voluntarily by both parties is later disputed. Which principle of law will apply?Solution
A contract with illegal object is void ab initio, even if signed voluntarily (Section 23 of Indian Contract Act).
Which of the following is/are constant along a demand curve?
(1) Income of the consumers
(2) Price of related goods
Which of the following is true for income elasticity of demand?
(1) It measures the responsiveness of quantity demanded of a good with respect...
Which of the following is true as per the law of supply?
(1) There is a negative relation between quantity supplied and price
(2) The...
A perfectly elastic demand curve is
For normal goods, the demand curve has a/an_______ slope.