Void agreement signifies_______

(a)

agreement illegal in nature

(b)

agreement not enforceable by law

(c)

agreement violating legal procedure

(d)

agreement against public policy

Promisors forming consideration for each other are known as_______________.

(a)

independent promisors

(b)

dependent promisors

(c)

reciprocal

(d)

mutual promisors

Each party is a promisors and a promisee in case of_____________.

(a)

past consideration

(b)

present consideration

(c)

every contract

(d)

reciprocal promisors

Sale of goods for cash is an example of__________.

(a)

mutual and independent promises

(b)

mutual and dependent promises

(c)

mutual and concurrent promises

(d)

conditional and dependent promises

When a party to a contract transfers his contractual rights to another, it is known as________________.

(a)

rescission of contract

(b)

waiver of contract

(c)

discharge of contract

(d)

assignment of contract