Which of the following descriptions are correct?
1. Two competent parties - Sections 11 and 12
2. Valid acceptance - Sections 4 to 7
3. Lawful consideration - Sections 2(d) and 25
4. Free and voluntary consent - Sections 15 and 19A

A. 5 years imprisonment or 5 lakh rupees penalty or both B. Life imprisonment C. 3 years imprisonment or 2 lakh rupees penalty or both D. None of the above

A. Proposal B. Promise C. Contract D. None of these

A. Priority B. Novelty C. Exclusivity D. Commercial value

A. Anti-competitive agreements B. Mergers and amalgamation C. Unfair trade practices D. Both A and B