Law · Legal Aptitude
Mr. A entered into an agreement to sell his bicycle, which had been kept unused in his attic for a year, to Mr. B at an agreed price. However, neither party was aware that at the time of entering into the agreement, the bicycle had already been destroyed by a fire in the attic. In this situation, which of the following statements is true under the Indian Contract Act, 1872?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The agreement is not voidable as the promise made under the agreement had not been performed.
- 2The agreement is not voidable as only one of the parties was under a mistake as to a matter of fact.
- 3The agreement is void as both parties were under a mistake as to a law in force in India.
- 4The agreement is void as both parties were under a mistake as to a matter of fact essential to the agreement.✓
Correct answer
The agreement is void as both parties were under a mistake as to a matter of fact essential to the agreement.
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