The agreement (not contract) with or by a minor is void ab-initio. Voidable contract is valid at the option of one or more of parties but not at the option of other party. A valid contract contains all the essential elements of a contract.

Option (2) is correct. The past consideration is valid, e.g. pension given to employees after retirement. The present consideration is valid. The future consideration is also valid as one can get an advance from a prospective employer for the services to be given in the future.

Option (4) is correct. The payment can be appropriated as per discretion of creditor. Option (1) is incorrect because it contains the condition whether its recovery is not barred by law. It may be barred or not barred by law. Option (2) is applicable when appropriation is made by debtor expressly or impliedly. Option (3) is applicable as appropriation by law when both the parties make any appropriation.

Though he has got the consent after the marriage but as per contract, he has got the money on the condition of permission to be taken before marriage. This condition has not been fulfilled. Thus (2) is the correct answer.

A sale is a transfer, which involves transfer of goods for a price that is fully paid, partly paid or payable in future. Thus (4) is the correct answer.

The reasonable time depends upon the facts of the cases (as per Section 46). This time period may be very short as in the cases of purchase-sale of shares, gold, etc. It may be a longer period as in case of sale or purchase of property, etc. thus it is a question of fact. The law will not decide the reasonable time.

 A tender is an invitation to offer.

Option (3) is correct. If there is a fraud, then the contract can be set aside and damages can also be recovered. In case of misrepresentation, the damages can’t be asked for. Damages can be asked for when there is a breach of warranty.

A fraudulent transfer is voidable at the option of aggrieved party. It can’t be immoral. It is not void because the transfer is not void. The transfer is also not illegal.

Option (1) is correct. A contingent contract is that where the performance depends upon uncertain future event. Thus it is valid.

It is a contract of personal service and thus (2) is the correct answer. His son, servant or agent may or may not be artistic to perform the promise. If it had been a contract of non-personal service, then it could have been performed by any of these.

Voidable contract is valid at the option of one or more of parties but not at the option of other party. A valid contract contains all the essential elements of a contract. An illegal contract is the one, which is against the provisions of law. A void contract becomes void subsequent to formation.

Liquidated damages are those, which are paid for breach of contract. The compensatory damages are paid as compensation. The penal damages are paid as a penalty. Thus (1) is the correct answer.

A contract may be discharged due to government induced restriction, destruction of subject matter or due to death or incapacity in case of personal services. It is not discharged because the parties to the contract do not find it profitable any more. Thus (1) is the correct answer.

Option (3) is correct. The minor and his property is liable for the necessities supplied to him. The contract by or with the minor is not enforceable otherwise. No contract can be enforced against the minor on attaining his majority or for the contracts made by guardian on their behalf.