Business Law 9

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Objective Questions and Answers of MBA: Business Law 9

Subject: Objective Questions and Answers of MBA: Business Law 9

Part 9: Objective questions and answers of Business Law

 

Q1. Generally, which of the following damages are not recoverable?

a) Ordinary damages

b) Special damages

c) Remote damages

d) Nominal damages

 

Q2. For entering into a contract, a minor is a person who has not completed the age of;

a) 16 years

b) 18 years

c) 20 years

d) 21 years

 

Q3. Which of the following statement is false?

a) A contract is not voidable if fraud or misrepresentation does not induce the other party to enter a contract.

b) A party cannot complain of fraudulent silence or misrepresentation if he had the means of discovering the truth with ordinary means

c) In case of fraud or misrepresentation, aggrieved party can either rescind or affirm the contract

d) A party who affirms the contract, can also change his option afterwards if he so decides

 

Q4. An agreement in restraint of marriage, ie, which prevents a person from marrying is

a) Valid

b) Voidable

c) Void

d) Contingent

 

Q5. A contingent contract dependent on the non-happening of specified uncertain event within fixed time can be enforced if the event

a) Does not happen within fixed time

b) Becomes impossible before the expiry of fixed time

c) Happens within the fixed time

d) Both (a) and (b)

 

Q6. In commercial transactions, time is considered to be of the essence of contract, and if the party fails to perform the contract within specified time, the contract becomes

a) Voidable at the option of the other party

b) Void and cannot be enforced

c) Illegal for noncompliance of legal terms

d) Enforceable in higher court only

 

Q7. A and b both believe that a particular kind of rice is being sold in the market @ rs.3000 per quintal and a sells rice of that kind to b @3000/quintal. But in fact, the market price was rs.4000, the contract is

a) Valid

b) Void

c) Voidable

d) Illegal

 

Q8. A void agreement is one which is

a) Valid but not enforceable

b) Enforceable at the portion of both parties

c) Enforceable at the portion of one party

d) Not enforceable in a court of law

 

Q9. Consideration in sample term means

a) Anything in return

b) Something in return

c) Everything in return

d) Nothing in return

 

Q10. A wrong representation when made without any intention to deceive the other party amounts to

a) Coercion

b) Undue influence

c) Misrepresentation

d) Fraud

 

Q11. A contingent contract is;

a) Void

b) Voidable

c) Valid

d) Illegal

 

Q12. A agrees to sell his car worth rs. I00000 lakh to b for rs.20000 and a's consent was obtained by coercion. Here, the agreement is;

a) Void

b) Valid

c) Voidable

d) Unlawful

 

Q13. As per section 20, the contract is void, on account of bilateral mistake of fact. But as per section 22, if there is mistake of only one party, then the contract is;

a) Void

b) Valid

c) Voidable

d) Illegal

 

Q14. A agrees to sell his car to b at a price which b may be able to pay. This agreement is

a) Void

b) Valid

c) Voidable

d) Contingent

 

Q15. Where the performance of a promise by one party depends on the prior performance of promise by the other party, such reciprocal promises fall under category of

a) Mutual and concurrent

b) Conditional and dependent

c) Mutual and independent

d) Both (a) and (b)

 

Q16. An agreement which is enforceable by law at the portion of one or more of the parties thereon but not at the option of the other or others is a:

a) Valid contract

b) Void contract

c) Voidable contract

d) Illegal contract

 

Q17. Which of the following statement is false?

a) Generally a stranger to a contract cannot sue

b) A verbal promise to pay a time barred debt is valid

c) Completed gifts need no consideration

d) No consideration is necessary to create an agency

 

Q18. Moral pressure is involved in the case of

a) Coercion

b) Undue influence

c) Misrepresentation

d) Fraud

 

Q19. When prior to the due date of performance, the promisor absolutely refuses to perform the contract, it is known as:

a) Abandonment of a contract

b) Remission of contract

c) Actual breach of contract

d) Anticipatory breach of contract

 

Q20. An agreement made with free consent to which the consideration is lawful but inadequate is;

a) Void

b) Valid

c) Voidable

d) Unlawful

 

Part 9: Objective questions and answers of Business Law

 

Q1. Answer c

 

Q2. Answer b

 

Q3. Answer d

 

Q4. Answer c

 

Q5. Answer d

 

Q6. Answer a

 

Q7. Answer a

 

Q8. Answer d

 

Q9. Answer b

 

Q10. Answer c

 

Q11. Answer c

 

Q12. Answer c

 

Q13. Answer b

 

Q14. Answer a

 

Q15. Answer b

 

Q16. Answer c

 

Q17. Answer b

 

Q18. Answer b

 

Q19. Answer d

 

Q20. Answer b

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