Quiznetik

Business Regulations | Set 1

1. The Indian contract act come into force

Correct : C. from 1 september 1872

2. Contract with minor is

Correct : C. void

3. Agreement caused by a bilateral mistake of fact is-

Correct : A. void

4. Which of these is a wagering contract?

Correct : C. lottery

5. Consideration must move at the desire of-

Correct : C. the promisor

6. A contract entered into between the parties by words is called-

Correct : A. express contract

7. When an offer can be accepted only by the person to whom it is made, it is called-

Correct : C. specific offer

8. A promise to subscribe to a charity is a

Correct : A. void agreement

9. A contract for the benefit of a minor entered into by his manager is

Correct : D. valid

10. Two or more persons are said to consent when they agree upon

Correct : C. the same thing in a specific sense

11. The term “Quid pro quo” means:

Correct : A. something in return

12. Which of the following is not an essential element of a valid contract:

Correct : A. adequacy of consideration

13. If a contract provides for the payment of a certain amount on breach of a contract, such payment is termed as:

Correct : C. liquidated damages

14. Which of the following case is not covered by the concept of supervening impossibility?

Correct : D. difficulty of performance

15. Under the Contract Act, 1872 a person is said to be of sound mind for the purpose of making a contract if:

Correct : B. he is capable of understanding the contract and forming a rational judgement as to its effect upon his interests.

16. A positive assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true is said to be a:

Correct : B. misrepresentation

17. A minor can:

Correct : A. be an agent

18. Choose the incorrect statement: To constitute a wager, following elements should be present in the agreement:

Correct : D. there should be a promise to pay money only

19. The Indian Contract Act, 1872 applies to the

Correct : B. whole of india excluding jammu & kashmir

20. A jus in personam means a right against

Correct : A. a specific person

21. Which of the following statement is true

Correct : C. both (a) and (b)

22. A contract is made where

Correct : C. x takes a sit in a public omni bus

23. A void agreement is one which is

Correct : D. not enforceable in a court of law

24. In case of void agreements, collateral transactions are

Correct : C. not affected

25. General offer can be accepted by

Correct : A. any person

26. Which of the following does not constitute valid acceptance

Correct : C. it has been presumed from silence of offeree

27. Which of the following is not the legal requirements of a valid offer

Correct : D. it must be made to a specific person and not to public at large

28. As a general rule, an agreement made without consideration is

Correct : A. void

29. An agreement made with free consent to which the consideration is lawful but inadequate, is

Correct : B. valid

30. For the enforcement of a promise to pay a time-barred debt without consideration, which of the following condition is not required?

Correct : D. it must be registered in court of law

31. A contract is discharged by the breach when a party to a contract

Correct : D. all of the above

32. Which of the following is incorrect?

Correct : C. an initial impossibility discharges the contract

33. The doctrine of impossibility of performance, rendering a contract void, is based on

Correct : B. a supervening impossibility

34. Because of supervening event, the promisor is excused from the performance of the contract. This is known as

Correct : A. a doctrine of frustration

35. Which of the following is correct?

Correct : A. a novation means making a new contract in the place of an old contract

36. _________ indicates that the parties are not further bound under the contract

Correct : D. discharge of a contract

37. X contracts to sell his scooter to Y for Rs. 50,000 and Y agrees to pay on delivery. Both the parties perform their promises. This is called

Correct : D. an actual performance of a contract

38. Assignment by the operation of law takes place

Correct : D. by the death of a party to a contract

39. The original contract needs not to be performed, if there is

Correct : D. all of the above

40. Rescission of a contract means

Correct : A. the termination of the contract

41. When the parties mutually agree to change certain terms of the contract. This is called

Correct : C. an alteration of a contract

42. If a person accepts a lesser sum of money than what was contracted for, in the discharge of the whole debt, it is known as

Correct : B. a remission

43. Intentional relinquishment of a right under the contract is called

Correct : A. a waiver

44. Where a party to contract transfers his rights under the contract to another person, it is legally known as

Correct : D. assignment of a contract

45. Performance of a contract means

Correct : C. performing all the promises, and fulfilling all the obligations by all the parties

46. Offer to perform is called

Correct : A. attempted performance

47. Which is not the essential of a valid tender?

Correct : A. tender must be conditional

48. An offer of performance is known as a/an

Correct : C. tender

49. The offer to perform the contract must be

Correct : A. unconditional

50. The promises forming consideration for each other are called

Correct : A. reciprocal promises

51. Ex turpi causa non oritur action means?

Correct : A. from an illegal cause, no action arises

52. Consideration and object of an agreement is unlawful if it

Correct : A. is fraudulent

53. The stifling agreement is

Correct : D. void

54. Which of the following agreements are valid?

Correct : D. none of the above

55. In which of the following agreements, restraint of trade is valid?

Correct : D. all of the above

56. An uncertain agreement is

Correct : B. void

57. An illegal agreement is

Correct : D. both (a) & (b)

58. Which of the following is not a feature of a wagering agreement?

Correct : D. neither parties should have an interest in the event

59. An athletic competitions are valid because they are

Correct : A. games of skill

60. Share market transactions with a clear intention only to settle the price difference are

Correct : A. wagering agreements

61. Which of these are not opposed to public policy?

Correct : C. compromise of compoundable offences

62. Where a person agrees to maintain a suit, in which he has no interest, the proceeding is known as

Correct : B. maintenance

63. An agreement whereby one party assists another in recovering money or property and in turn share in the proceeds of the action is called

Correct : A. champerty

64. Which of the following is a contingent contract?

Correct : A. contract of insurance

65. Consent means parties agreeing on

Correct : C. the same thing in the same sense

66. _________ means forcibly compelling a person to enter into a contract

Correct : D. coercion

67. Duress under English contract law is similar to

Correct : B. coercion

68. Ubberima fidei means

Correct : B. utmost good faith

69. When one of the parties is under a mistake as to a matter of fact essential to the agreement, it is called

Correct : A. unilateral mistake

70. The maxim ‘Ignoranlia juris non excusa’ stands for

Correct : D. ignorance of law of land is no excuse

71. The case of ‘no consent’, i.e., when there is no consent at all, is described by Salmond as

Correct : B. error in consensus

72. Capacity to contract means

Correct : C. the parties are legally competent to enter into contracts

73. Competence to contract means

Correct : C. both (a) & (b)

74. A minor’s agreement is void. This was held in the case of

Correct : A. mohiri bibee vs. dharmadas ghosh

75. A minor can be

Correct : C. always plead his minority

76. A minor’s guardian is not liable to the creditor for breach of contract by the minor, if the contract is for __________

Correct : D. all of the above

77. The doctrine of restitution refers to the restoration of property or goods, obtained by false representation. This doctrine is

Correct : C. applicable to minors

78. A consideration in a contract

Correct : C. something in return

79. A consideration may be

Correct : D. either (a) or (b) or (c)

80. An agreement not supported by the consideration is called

Correct : A. nudum pactum

81. The consideration is to be moved sometime after the formation of a contract, it is known as

Correct : B. executory consideration

82. The term privity of contract means

Correct : A. stranger to contract

83. A proposal may consist of a promise for

Correct : C. either (a) or (b)

84. A offers to sell his car on internet, it is

Correct : A. an express offer

85. The offer which is allowed to remain open for the acceptance over a period of time is known as a/an

Correct : A. standing offer

86. The offer made to a specific person or group of persons is known as a

Correct : B. specific offer

87. Terms of the offer must be

Correct : C. definite

88. When a person invites the other party to make an offer, he is said to make a/an

Correct : C. invitation to offer

89. Price lists, catalogues, advertisements in newspapers and enquiries from customers are

Correct : B. invitations to offer

90. Goods displayed in a shop with a price label is

Correct : B. an invitation to offer

91. When the offers made by two persons to each other containing similar terms of bargain cross each other in post, they are known as

Correct : A. cross offers

92. Which of the following is not the mode of the lapse of an offer?

Correct : B. case against the offeror

93. Contract is defined as an agreement enforceable by law, vide section . . . . . of the Indian Contract Act

Correct : C. 2 (h)

94. When the contract is perfectly valid but cannot be enforced because of certain technical defects. This is called

Correct : C. unenforceable contract

95. Where a contract has to be inferred from the conduct of parties, it is called

Correct : B. implied contract

96. Where the obligation in a contract is outstanding on the part of both parties, it is called

Correct : D. bilateral contract

97. A contract in which, under the terms of a contract, nothing remains to be done by either party is known as

Correct : A. executed contract

98. A contract in which, under the terms of a contract, one or both the parties have still to perform their obligations in future is known as

Correct : B. executory contract

99. The unpaid seller can exercise his right of lien over the goods for

Correct : A. price of goods

100. An auction sale is complete on the

Correct : A. fall of hammer