Question: How Banker-Customer relationship can be terminated?
Answer:
Ø Customer Death
Ø Attachment of the order of income tax authorities
Ø Insanity
Ø Insolvency
Ø On receipt of Garnishee order
Ø Undesirable Customer
Ø Unclaimed deposit account.
Question: What is Contract?
Answer:
A contract is an agreement between two or more parties which, if it contains the elements of a valid legal agreement, is enforceable by law.
Question: What are Essential Elements of a Contract ?
Answer:
q Lawful Offer
q Lawful Acceptance
q Lawful Considerations
q Lawful object
q Intention to create legal relationship
q Capacity of the parties
q Free Consent
q Writing, Registration & Legal Formalities
Question: Who can’t enter into a Valid Contract?
Answer:
Ø Lunatics
Ø Minors
Ø Insolvent
Question: What is Void Contract?
Answer:
An Agreement not enforceable by law.
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