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By Divya Agarwal | MEPL Classes
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By Divya Agarwal | MEPL Classes
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A posts offer. B receives and instantly posts acceptance. A’s revocation, posted earlier by speed mode, reaches B one hour after B posted acceptance, but before A receives acceptance. Legal effect?
Anonymous Quiz
29%
A. Revocation valid because acceptance not yet received by A
37%
B. Contract concluded at posting of acceptance
19%
C. Contract voidable by A
15%
D. No enforceable agreement unless acceptance reaches A
❤1
Which proposition survives strict scrutiny?
Anonymous Quiz
25%
A. Ultra vires MOA act can be validated by unanimous consent
39%
B. Ultra vires AOA defect may be cured if within MOA and law
16%
C. Beneficial ultra vires MOA act is enforceable in equity
20%
D. Ultra vires MOA binds directors if shareholders later approve
❤1
Investor acquires contractual rights enabling decisive influence over board composition while acquiring only 12% equity. Best answer:
Anonymous Quiz
11%
A. No open offer — threshold not crossed
19%
B. Disclosure only
68%
C. Open offer implications may arise because acquisition of control is an independent trigger
1%
D. Valid without SEBI implication unless profits arise
❤1
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