Business Law 8

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Objective Questions and Answers of MBA: Business Law 8

Subject: Objective Questions and Answers of MBA: Business Law 8

Part 8: Objective questions and answers of Business Law

 

Q1. A contract is discharged by recession which means the;

a) Change in one or more terms of the contract

b) Acceptance of lesser performance

c) Abandonment of rights by a party

d) Cancellation of the existing contract

 

Q2. A, by a letter dated 25th December 1998, offers to sell his house to b for rs.10 lakhs. The letter reaches on 27th dec.1998, who posts his acceptance on 28th Dec. 1998 which reaches a on 30th dec.1998. Here the communication of offer is completed on;

a) 25th dec.1998

b) 27th dec.1998

c) 28th dec.1998

d) 30th dec.1998

 

Q3. A threatens to kill b if he does not agrees to sell his scooter from him for rs.1000. Here b's consent is obtained by

a) A undue influence

b) Fraud

c) Coercion

d) None of these

 

Q4. The consideration or object of agreement is considered unlawful, if is

a) Forbidden by law

b) Fraudulent

c) Immoral

d) All of these

 

Q5. An agreement to pay money money's worth on the happening or non-happening of a specified uncertain event is a

a) Wagering agreement

b) Contingent contract

c) Quasi contract

d) Uncertain agreement

 

Q6. Which of the following statements is correct?

a) Ordinary damages are recoverable

b) Special damage is recoverable only if the parties knew about them

c) Remote or indirect damages are not recoverable

d) All of these

 

Q7. A sells the goodwill of his business to b and agrees with him to refrain from carrying on a similar business within specified local limits. This contract is

a) Valid

b) Void

c) Voidable

d) Illegal

 

Q8. A proposal when accepted becomes a:

a) Promise

b) Contract

c) Offer

d) Acceptance

 

Q9. Which of the following statement is not true about minor's position in a form?

a) He cannot become a partner in an existing firm

b) He can become a partner in an existing firm

c) He can be admitted only to the benefits of any existing firm

d) He can become partner on becoming a major

 

Q10. Which of the following persons can perform the contract?

a) Promisor alone

b) Legal representatives of the promisor

c) Agent of the promisor

d) All of these

 

Q11. A voidable contract is one which;

a) Can be enforced at the option of the aggrieved party

b) Can be enforced at the option of the both parties

c) Cannot be enforced in a court of laws

d) Court prohibits

 

Q12. When one party is in a position to dominate the will of another and uses his superior position to obtain the consent of a weaker party, the consent is said to be obtained by;

a) Coercion

b) Undue influence

c) Fraud

d) Misrepresentation

 

Q13. A agrees to pay rs.50000 to b if he kills c. The agreement is

a) Void

b) Valid

c) Voidable

d) Contingent

 

Q14. A agrees to pay rs.1000 to b if a certain ship returns within a year. However, the ship sinks within the year. In this case, the contract becomes

a) Valid

b) Void

c) Voidable

d) Illegal

 

Q15. Standing offer means

a) Offer allowed remaining open for acceptance over a period of times

b) Offer made to the public in general

c) When the offered offers to qualified acceptance of the offer

d) Offer made to a definite person

 

Q16. When the consent of a party is not free, the contract is:

a) Void

b) Voidable

c) Valid

d) Illegal

 

Q17. Which of the following is not an exception to the rule – no consideration, no contract?

a) Compensation for involuntary services

b) Love & affection

c) Contract of agencies

d) Gift

 

Q18. An agreement the object or consideration of which is unlawful, is:

a) Void

b) Valid

c) Voidable

d) Contingent

 

Q19. A contract depend on the happening or non-happening of the future uncertain event, is a

a) Uncertain contract

b) Contingent contract

c) Void contract

d) Voidable contract

 

Q20. A contract with the minor, which is beneficial for him, is;

a) Void ab initio

b) Voidable

c) Valid

d) Illegal

 

Part 8: Objective questions and answers of Business Law

 

Q1. Answer d

 

Q2. Answer b

 

Q3. Answer c

 

Q4. Answer d

 

Q5. Answer a

 

Q6. Answer d

 

Q7. Answer a

 

Q8. Answer a

 

Q9. Answer b

 

Q10. Answer d

 

Q11. Answer a

 

Q12. Answer b

 

Q13. Answer a

 

Q14. Answer b

 

Q15. Answer a

 

Q16. Answer b

 

Q17. Answer a

 

Q18. Answer a

 

Q19. Answer b

 

Q20. Answer c

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