Question: Answer all questions. State TRUE for the true statement and FALSE for the false statement. (BUSINESS LAW QUESTIONS) Statement 1: According to Section 10 of

Answer all questions. State TRUE for the true statement and FALSE for the false statement. (BUSINESS LAW QUESTIONS)

Statement 1: According to Section 10 of the Contracts Act 1950, intent usually exists in business-type agreements.

Statement 2: Anyone who has received a benefit from a contract declared void, shall return any benefits received or compensate the other party.

Statement 3: In the case of Ramsgate Victoria Hotel Co. vs. Montefiore, the Court ruled that a person wishing to enter into a contract must be of sound mind.

Statement 4: Acceptance of an agreement may be made through sign language.

Statement 5: The lease contract of the business premises signed by Anna, 17 years old on behalf of her father with Mr. Michael (the owner of the premises) is valid and legally enforceable.

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