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Which of the following statements is/are correct? 1. Proposal + Acceptance = Promise 2. Promise + Consideration = Agreement 3. Agreement + Enforceability = Contract

Question and options

Which of the following statements is/are correct?
1. Proposal + Acceptance = Promise
2. Promise + Consideration = Agreement
3. Agreement + Enforceability = Contract
  1. 1 and 2 only
  2. 2 and 3 only
  3. 1 and 3 only
  4. 1, 2 and 3

Answer and explanation

Correct answer: D - 1, 2 and 3
Under the Contract Act s.2: an accepted proposal becomes a promise, a promise for consideration is an agreement, and an agreement enforceable by law is a contract. All three equations are correct, so the answer is 1, 2 and 3.

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