Business Studies MCQ Quiz Hub

1. A letter of acceptance sufficiently stamped a duly addressed is put into a course of transmission. There is ______
a contract voidable at the option of acceptor
a contract voidable at the option of acceptor
a voidable contract.
no contract at all.

2. A letter of acceptance sufficiently stamped a duly addressed is put into a course of transmission. There is ______
a contract voidable at the option of acceptor
a contract voidable at the option of acceptor
a voidable contract.
no contract at all.

3. Acceptance may be revoked by the acceptor _____________.
before the letter of acceptance reaches the offerer.
at any time
after the letter of acceptance reaches the offerer
before the death of acceptor.

4. An advertisement to sell a thing by auction is _____________.
. an invitation to offer.
an offer.
no offer at all
a contract

5. On the face of the ticket for a journey the words for conditions see back are printed in a small print. The passenger _________
is bound by the conditions whether he takes care to read them or not.
is not bound by the conditions
may not take note of the conditions.
may take note of the conditions.

6. Consideration must move at the desire of _____________.
the promisee
the promisor
promisor or any third party
both the promisor and the promise

7. Consideration _____________.
A. must move from the promise. B. C. D.
may move from the promisee or any other person
may from the third party.
may move form the promisor.

8. Consideration _____________.
A. must move from the promise. B. C. D.
may move from the promisee or any other person
may from the third party.
may move form the promisor.

9. An agreement not enforceable by law is said to _____________.
voidable.
void
valid
unenforceable

10. A contract is _____________.
an agreement plus a legal obligation
legal obligation.
consensus ad idem
an agreement plus a legal object.

11. A specific offer can be accepted by ______
A. any person.
any friend of offered
any friend of offeree
a person to whom it is made.

12. A person who is not a party to contract _____________.
cannot sue.
can sue.
can sue only in well- recognized cases
can sue under contract of guarantee.

13. An agreement made without consideration is _____________.
valid.
illegal
voidable
void

14. A person is usually of unsound mind, but occasionally of sound mind_____________.
A. he may enter into a contract when he is of sound mind.
he may not make a contract when even when he is of sound mind.
he cannot enter into a contract at all.
he can enter all the time.

15. A contract by an idiot is_____________.
voidable
enforceable
void ab initio
invalid.

16. Where consent is caused by fraud or misrepresentation, the contract is
voidable at the option of the aggrieved party
void
unenforceable
not affected in any manner.

17. Consent given to a contract under some misrepresentation by the other party makes the contract_____________.
void.
invalid
unenforceable
voidable

18. Fraud exists when it is shown that a false representation had been made_____________.
knowingly.
unknowingly
unintentionally
recklessly, not caring whether true or false.

19. Which of the relationships raise presumption of undue influence _____
landlord and tenant
parents and child
doctor and patient.
. husband and wife.

20. If there is error in causal, the contract is _____________.
void.
voidable
valid
illegal

21. The collateral transaction to an illegal agreement are_________.
void.
illegal
voidable
not affected at all.

22. An agreement made with an alien enemy is _________.
unlawful on the ground of public policy.
unlawful because it becomes difficult to be performed.
valid
voidable.

23. In which year IRDA Act passed in __________
1999
2000
2002
2002

24. When the promisee refuses to accept performance from the promiser who offers to perform, it is
attempted performance
vicarious performance
tender
frustration of contract

25. When a party to a contract transfers his contractual rights to another, it is known as ________.
rescission of contract
waiver of contract
discharge of contract.
assignment of contract

26. Assignment by operation of law takes place_______________.
by the mutual consent of the parties
. by the will of either party
when the subject matter of a contract cases to exist.
by the death of a party to a contract.

27. A who ooze 10,000 to B dies living and estate of Rs 6,000. The legal representatives of A are _______________.
. liable for rs 10,000
liable for rs 6,000.
no liable at all.
liable for Rs 3,000.

28. If a contract contains an undertaking to perform impossibility, the contract is __________.
void ab initio.
void
voidable at the option of the plaintiff
illegal

29. An agreement to do an act impossible in itself__________.
. is void.
is voidable.
. is void ab initial
becomes void when impossibility is discovered.

30. Were a contact could not be performed because of the default by a third party on whose work the promiser relied, it ______________.
it is not discharged.
is discharged
becomes void.
becomes voidable.

31. Specific performance may be ordered by the court when ______________.
the contract is voidable
the damages are an adequate remedy
the damages are not an adequate remedy.
the contract is uncertain.

32. The measure of damages in case of breach of a contract is the difference between the _______________.
contract price and the market price at the date of breach.
contract price and the market price at the date of breach.
contract and the price at which the plane tiff might have sold the goods.
contract price and the price fixed by the court.

33. Anticipatory breach of a contract takes place _____________
During the performance of the contract
At the time when the performance is due
Before the performance is due
At the time when the contract is entered into

34. In case of wrongful dishonour of a cherub by a banker having sufficient fund to the credit of the customer, the court nay award
Ordinary damage
Nominal damage
Exemplary damage
Contemptuous damages

35. The contract of indemnity is a _____________
Contingent contract
Wagering contract
Quasi-contract
Void agreement

36. S and P go into a shop. S says to the shopkeeper, C let P have the goods, and if he does not pay you, I will. This is a __________
contract of guarantee
contract of indemnity
Wagering contract
Quasi-contract

37. A bailer is a _________
A. a right of a particular lien over the goods bailed
a right of generation
a right of both particular and general lien
no lien at all over the goods bailed

38. The position of a finder of lost goods is that of a ______________
Bailer
Bailee
Surety
Principal debtors

39. The position of a finder of lost goods is that of a ______________
Bailer
Bailee
Surety
Principal debtors

40. The gratuitous bailer is liable to the bailer for the defects in the goods bailed_______________
Even if he is not aware of them
Only if he is aware of them
In all cases of loss
In certain case of loss

41. A who purchases certain goods from B by a misrepresentation pledges them with C . the pledge is _________________
valid
void
voidable
invalid

42. In a sale, the property in goods_______________
Is transferred to the buyer.
Is yet to be transferred to the buyers.
May be transferred at a future time.
Is transferred when goods are delivered to the buyer.

43. The term property as used in the Sale of Goods Act, 1930 means_____________
Possession.
Ownership
Ownership and possession both
the subject matter of contract of sale.

44. If a price is not determined by the parties in a contract of sale, the buyer is bound to pay________________
The price demanded by the seller.
A reasonable price
The price which the buyer thinks is reasonable.
The price to be determined by a third independent person.

45. The doctrine of caveat emptor applies______________
In case of implied conditions and warranties
When the buyer does not intimate the purpose to the seller and depends upon his own skill and judgment. C.
When goods are sold by sample
When goods are sold by description.

46. If a sale is by sample as well as by description, the implied condition is that the goods shall correspond with_______________
Sample.
Description
Both sample and description.
Either sample or description.

47. In a sale, there is an implied condition on the part of the seller that he______________
Has a right to sell the goods.
Is in possession of the goods.
Will have the right to sell
Will acquire the goods.

48. . A condition is a stipulation which is__________
Essential to the main purpose of contract of sale.
Not essential to the main purpose of contract of sale.
Collateral to the main purpose of contract of sale.
Not mandatory.

49. In case of breach of a warranty, the buyer can__________
Cannot return the goods.
Repudiate the contract
Return the goods
Refuse to pay the price.

50. Insurance act was established_____________
1938
1939
1940
1941

51. Life insurance act was established ___________
1956
1957
1958
1940