Tag: commerce

Quizzes (249) Questions (753)

Questions Related to commerce

Multiple choice income tax direct taxes commerce black money and tax evasion meaning of tax

Which of the following is referred to as 'Deferred Payment System?"

  1. Hire-purchase

  2. Instalment selling

  3. Co-operative retailing

  4. Mail order retailing
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Instalment selling is often referred to as a deferred payment system because the buyer takes possession of the goods immediately but pays for them in installments over a period of time.

Multiple choice commerce historical background of commerce in the sub-continent commerce and modern civilization history of commerce in india hindrances of commerce

The concept of wealth as held by Kautilya was very wide in its scope. To him, wealth included _____________.

  1. commodity

  2. money

  3. the acquired wealth

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Kautilya defined wealth broadly, encompassing not just currency but also commodities, land, and other assets that contribute to the prosperity of the state.

Multiple choice commerce discharge and breach of a contract discharge of contract performance, discharge, breach and remedies of contract business law and contract act

Which of these are not opposed to Public Policy?

  1. Champerty & Maintenance

  2. Agreements in restraint of parental rights

  3. Agreements in restraint of marriage

  4. Agreements to refer disputes to arbitration
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Agreements to refer disputes to arbitration are generally considered valid and are not opposed to public policy. In contrast, agreements in restraint of marriage or parental rights are typically void as against public policy.

Multiple choice commerce discharge and breach of a contract discharge of contract performance, discharge, breach and remedies of contract business law and contract act

A contractors to sell his car to B for Rs. 4,00,000 and B agrees to pay on delivery. Once the car is delivered to B and B pays Rs. 4,00,000, contract comes to an end. This is called __________

  1. waiver of a Contract

  2. breach of a Contract

  3. rescission of a Contract

  4. discharge of a Contract
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

When both parties have fulfilled their respective obligations under a contract, the contract is said to be discharged by performance.

Multiple choice commerce discharge and breach of a contract discharge of contract performance, discharge, breach and remedies of contract business law and contract act

When an inferior right accruing to a party in a contract merges into a superior right accruing to the same party, then________.

  1. the contract conferring the inferior right is discharged

  2. the contract conferring the superior right is discharged

  3. both contracts are discharged

  4. both contracts are not discharged
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Merger occurs when an inferior right and a superior right in the same subject matter meet in the same person. The inferior right is extinguished or merged into the superior one, thus discharging the contract related to the inferior right.

Multiple choice commerce discharge and breach of a contract discharge of contract performance, discharge, breach and remedies of contract business law and contract act

A holds a house on lease. After that he buys the house and became owner. the contract is discharged by __________ .

  1. rescission

  2. merger

  3. waiver

  4. remission
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

When a tenant (who has an inferior right of lease) buys the property (acquiring the superior right of ownership), the lease contract is discharged by the operation of law through merger.