Q.The Indian Contract Act was established in the year ________.

An agreement enforceable by law is a contract, so the correct option is (c).

The elements of contract chapter in the Tamil Nadu HSC Commerce syllabus is based on the Indian Contract Act, 1872.

• According to Section 2(h) of the Act, "An agreement enforceable by law is a contract." Thus, Contract = Agreement + Enforceability by law. …

The answer is option (d) 1872.

The Indian Contract Act, 1872 is the principal law dealing with contracts in India. It came into force on 1st September 1872 and lays down the essentials of a valid contract — offer and acceptance, lawful consideration, capacity of parties, free consent, lawful object and an intenti …

The correct answer is (a) Agreement. This is the statutory definition of an agreement under the Indian Contract Act, 1872.

In the Tamil Nadu HSC Commerce syllabus, the basic building blocks of contract law are defined precisely:

• A promise is an accepted proposal (offer + acceptance).
• "Every promise and every set of promises forming the consideration for each other" is, by definition, an agreement. Hence (a) is correct.
• A contract is narrower — it is "an agreement enforceable by law." So every contract is an agreement, but only those agreements that are legally enforceable become contracts. …