Business Law 6

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Objective Questions and Answers of MBA: Business Law 6

Subject: Objective Questions and Answers of MBA: Business Law 6

Part 6: Objective questions and answers of Business Law

 

Q1. The collateral transactions to an illegal agreement are

a) Void,

b) Illegal,

c) Voidable,

d) Not affected at all

 

Q2. If a new contract is substituted in place of an existing contract, it is called

a) Alteration

b) Rescission

c) Novation

d) Waiver,

e) Remission

 

Q3. Ifa contract contains an undertaking to perform impossibility, the contract is

a) Void ab initio

b) Void

c) Voidable at the option of the plaintiff

d) Illegal

 

Q4. An employee, by the terms of his service agreement, is prevented from accepting a similar engagement after the termination of his service .the restraint

a) Valid

b) Void

c) Illegal

d) Unenforceable

 

Q5. Regulations to the opening and closing of business in a market are

a) Not unlawful even if they are in restraint of trade.

b) Unlawful because they are in restraint of trade.

c) Void

d) Not valid

 

Q6. Consent given to a contract under some misrepresentation by the other party makes the contract

a) Void

b) Invalid

c) Unenforceable

d) Voidable

 

Q7. Consideration in a contract

a) May be past, present or future,

b) May be present or future only.

c) Must be present only.

d) Must be future only.

 

Q8. An agreement not enforceable by law is said to be

a) Void,

b) Voidable,

c) Valid,

d) Unenforceable,

e) Illegal.

 

Q9. An acceptance is not according to the mode prescribed but the offerer decides to keep quiet. In such a case there is

a) A contract,

b) No contract,

c) A voidable contract,

d) An unenforceable contract.

 

Q10. The law of contract in India is contained in

a) Indian contract act 1862

b) Indian contract act 1962

c) Indian contract act 1872

d) Indian contract act 1972

 

Q11. Consideration must move at the desire of:

a) Promisor

b) Promise

c) Any other person

d) Any of these

 

Q12. When the consent of a party is obtained by fraud, the contract is

a) Void

b) Voidable

c) Valid

d) Illegal

 

Q13. A, b and c jointly promised to pay rs.6000 to d. Before the performance of the contract, c dies. Here the contract;

a) Becomes void on c's death

b) Should be performed by a and b along with c's legal representatives

c) Should be performed by a and b alone

d) Should be renewed between a, b and d

 

Q14. A agrees to pay rs.1, 00,000 to b if he brings a star from the sky. This is a contingent contract and

a) Illegal

b) Valid

c) Voidable

d) Void

 

Q15. Which of the following elements does not affect the free consent of the parties?

a) Coercion

b) Fraud

c) Incompetency

d) Undue influence

 

Q16. A contract made by mistake about Indian law, is;

a) Void

b) Valid

c) Voidable

d) Illegal

 

Q17. Where an agreement consists of two parts once legal and the other illegal and the legal part is separable from the illegal one, such legal part is

a) Void

b) Valid

c) Voidable

d) Illegal

 

Q18. When after the formation of a valid contract, an event happens which makes the performance of contract impossible then the contract becomes

a) Void

b) Voidable

c) Valid

d) Illegal

 

Q19. What is legal terminology for the doing or not doing of something which the promisor desires to be done or not done?

a) Desires

b) Wishes

c) Considerations

d) Promise

 

Q20. Which of the following statement is true?

a) Consideration must result in a benefit to both parties

b) Past consideration is no consideration in India

c) Consideration must be adequate

d) Consideration must be something which a promisor is not already bound to do

 

Part 6: Objective questions and answers of Business Law

 

Q1. Answer b

 

Q2. Answer c

 

Q3. Answer a

 

Q4. Answer b

 

Q5. Answer a

 

Q6. Answer d

 

Q7. Answer a

 

Q8. Answer a

 

Q9. Answer a

 

Q10. Answer c

 

Q11. Answer a

 

Q12. Answer b

 

Q13. Answer b

 

Q14. Answer d

 

Q15. Answer c

 

Q16. Answer b

 

Q17. Answer b

 

Q18. Answer a

 

Q19. Answer c

 

Q20. Answer d

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