Business Law 3

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Objective Questions and Answers of MBA: Business Law 3

Subject: Objective Questions and Answers of MBA: Business Law 3

Part 3: Objective questions and answers of Business Law

 

Q1. Compromise of dispute claims

a) Is a good consideration for a contract?

b) Is not a good consideration for a contract?

c) Results in a void agreement

d) Is not permitted by law.

 

Q2. When a person positively asserts that a fact is true when his information does not warrant it to be so, though he believes it to be true, there is

a) Misrepresentation

b) Fraud

c) Undue influence

d) Coercion.

 

Q3. Promises forming consideration for each other are known as,

a) Independent promises

b) Dependent promises

c) Reciprocal promises.

d) Mutual promises

 

Q4. The court may grant rescission where the contract is

a) Voidable at the option of the plaintiff

b) Void

c) Unenforceable

d) Illegal

 

Q5. In a sale, if the goods are destroyed, the loss falls on

a) The buyer

b) The seller

c) Partly on buyer and partly on seller

d) The seller if price has not been paid

e) By the buyer.

 

Q6. The case of Satyabrata ghose v. Mugneeram bangur & co. (1954) deals with

a) Agreement opposed to public policy

b) Supervening impossibility

c) Contract of guarantee

d) Agency

 

Q7. A minor enters into a contract for the purchase of certain necessaries, in such case

a) He is not personally liable to pay

b) He is liable to pay

c) His estate is liable to pay

d) His guardian is liable to pay.

 

Q8. I there is error in consensus, the agreement is

a) Void

b) Voidable

c) Avoid

d) Illegal

e) Not affected at all.

 

Q9. When a party to a contract transfers his contractual rights to another, it is known as,

a) Rescission of contract

b) Waiver of contract

c) Discharge of contract,

d) Assignment of contract.

 

Q10. Anticipatory breach of a contract takes place

a) During the performance of the contract

b) At the time when the performance is due.

c) Before the performance is due

d) At the time when the contract is entered into.

 

Q11. The3unlawful detention of any property of a person to obtain his consent to a contract amounts to

a) Misrepresentation

b) Fraud

c) Undue influence

d) Coercion.

 

Q12. An offer is made to main in crowd it

a) Can be accepted by him alone,

b) May be accepted by any person who hears it.

c) May be accepted by his brother

d) May be accepted by his friends.

 

Q13. The contractual capacity of a company is regulated by

a) Its memorandum of association and the provisions of the companies act, 1956

b) The terms of contract entered into with a third party

c) Its articles of association

d) Its prospectus.

 

Q14. A wagering agreement is.

a) Forbidden by law,

b) Immoral,

c) Opposed to public policy

d) None of the above.

 

Q15. A undertakes to paint a picture of b. He dies before he paints the picture. The contract

a) Is discharged by death

b) Becomes voidable

c) Becomes voidable at the option of the legal representatives of a.

d) Will have to be performed by the legal representatives of a.

 

Q16. 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

a) Contract of guarantee

b) Contract of indemnity

c) Wagering agreement

d) Quasi contract

 

Q17. If a sale is by sample as well as by description, the implied condition is that the goods shall correspond with

a) Sample

b) Description

c) Both sample and description

d) Either sample or description.

 

Q18. In case of a wrongful dishonor of a cheque by a banker having funds to the credit of the customer, the court may award

a) Ordinary damages,

b) Nominal damages

c) Exemplary damages

d) Contemptuous damages.

 

Q19. Acceptance may be revoked by the acceptor

a) At any time

b) Before the letter of acceptance reaches the offered

c) After the letter of acceptance reaches the offered

d) Before the death of the acceptor.

 

Q20. On attaining the age of majority a minor‘s agreement

a) Can be ratified by him

b) Cannot be ratified by him

c) Becomes void

d) Becomes valid.

 

Part 3: Objective questions and answers of Business Law

 

Q1. Answer a

 

Q2. Answer a

 

Q3. Answer c

 

Q4. Answer a

 

Q5. Answer a

 

Q6. Answer a

 

Q7. Answer c

 

Q8. Answer a

 

Q9. Answer d

 

Q10. Answer c

 

Q11. Answer d

 

Q12. Answer a

 

Q13. Answer a

 

Q14. Answer a

 

Q15. Answer a

 

Q16. Answer a

 

Q17. Answer c

 

Q18. Answer c

 

Q19. Answer b

 

Q20. Answer b

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