Business Law 7

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Objective Questions and Answers of MBA: Business Law 7

Subject: Objective Questions and Answers of MBA: Business Law 7

Part 7: Objective questions and answers of Business Law

 

Q1. Which of the following are contingent contracts?

a) Contract of insurance

b) Contract of guarantee,

c) Contracts for the sale of goods on credit

d) Wagering agreements

 

Q2. The right of subrogation in a contract of guarantee is available to the

a) Creditor

b) Principal debtor

c) Surety

d) Indemnified

 

Q3. A agree to pay b rs. 2000 if a certain ship does not return at Mumbai port within a year . A =s promise can been forced when the ship

a) Arrives Mumbai a damaged condition during the years

b) Is lost during the year

c) Is sunk during the years

d) Arrives Mumbai in a good condition during the year.

 

Q4. A who owes rs. 10000 to b dies leaving an estate of rs. 6000. The legal representation of a are

a) Liable for rs. 10000

b) Liable for rs. 6000

c) Not liable at all

d) Liable for rs. 3000.

 

Q5. Where both the parties to an agreement are under a mistake as a matter of fact essential to the agreement, the agreement i

a) Void

b) Voidable

c) Illegal

d) Not affected at all.

 

Q6. A promise to compensate, wholly or in part, a person who has already voluntarily done something for the promisor is

a) Enforceable

b) Not enforceable because it is without consideration,

c) Void

d) Voidable.

 

Q7. An agreement with or by minor is

a) Void

b) Voidable at the option of the minor

c) Voidable at the option of the other party

d) Valid.

 

Q8. Flaw in capacity to contract may arise from

a) Lack of free consent

b) Lack of consideration

c) Minority

d) Absence of legal formalities.

 

Q9. A makes an offer to b on 10th by a letter which reaches b on 12th b posts letter of acceptance on 14th which reaches a on 16th. The communication of acceptance is complete as against a on

a) 12th

b) 14th

c) 16th

 

Q10. In case of illegal agreements the collateral agreements are

a) Valid contract

b) Void contract

c) Voidable contract

d) None of these

 

Q11. A minor's liability for 'necessaries' supplied to him

a) Arises after he attains majority age

b) Is against only minor's property

c) Does not arise at all

d) Arises if minor gives a promise for it

 

Q12. An agreement is void if it is opposed to public policy. Which of the following is not covered by heads of public policy?

a) Trading with an enemy

b) Trafficking in public offices

c) Marriage brokerage contracts

d) Contracts to do impossible acts

 

Q13. In case of breach of contract, which of the following remedy is available to the aggrieved party?

a) Suit for recession

b) Suit for damages

c) Suit for specific performance

d) All of these

 

Q14. In the above question, the communication of acceptance is complete against a on 28th dec.1998 and against b on;

a) 25th dec.1998

b) 27th dec.1998

c) 28th dec.1998

d) 30th dec.1998

 

Q15. Which of the following acts does not fall under the categories of fraud?

a) Intentional false statement of facts

b) Active concealment of facts

c) Innocent false statements

d) Promise made without intention to perform

 

Q16. An agreement in restraint of marriage is valid in case of the following persons

a) Minors

b) Educated

c) Married

d) None of these

 

Q17. Sometimes, a person finds certain goods belonging to some persons. In such case, the finder

a) Becomes the owner of the goods and can use them

b) Is under a duty to trace the true owner and return the goods

c) Can sell the perishable goods if true owner cannot be found

d) Both (b) and (c)

 

Q18. An agreement enforceable by law is a

a) Promise

b) Contract

c) Obligation

d) Lawful promise

 

Q19. Which of the following statement is true?

a) A contract with a minor is voidable at the option of the minor

b) An agreement with the minor can be ratified after he attains majority

c) A person who is usually of an unsound mind cannot enter into contract even when he is of a sound mind

d) A person who is usually of an sound mind cannot enter into contract even when he is of a unsound mind

 

Q20. Which of the following statement is true?

a) A threat to commit suicide does not amount to coercion

b) Undue influence involves use of physical pressure

c) Ignorance of law is no excuse

d) Silence always amounts to fraud

 

Part 7: Objective questions and answers of Business Law

 

Q1. Answer a

 

Q2. Answer c

 

Q3. Answer b

 

Q4. Answer b

 

Q5. Answer a

 

Q6. Answer a

 

Q7. Answer a

 

Q8. Answer c

 

Q9. Answer c

 

Q10. Answer b

 

Q11. Answer b

 

Q12. Answer d

 

Q13. Answer d

 

Q14. Answer d

 

Q15. Answer c

 

Q16. Answer a

 

Q17. Answer d

 

Q18. Answer b

 

Q19. Answer d

 

Q20. Answer c

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