Tag: commerce

Quizzes (249) Questions (753)

Questions Related to commerce

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

X is a minor who had broken his left arm then doctor had treated him, how can the doctor regain his cost of treatment?

  1. Minor can be held liable for the necessities supplied to him.

  2. The Doctor cannot recover his fees because the agreement with minor is void-ab-initio.

  3. Contract has to be entered into by the minor's parent to make it valid and to recover fee.

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Medical treatment is considered a necessary. While agreements with minors are generally void, the law provides an exception for necessaries, allowing the supplier to recover costs from the minor's property.

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 minor got injured in his left leg in Football match. He engaged a doctor for treatment of leg. The doctor's claim for his services under the Indian Contract Act 1872 is _______.

  1. Valid

  2. Invalid

  3. Void

  4. Illegal
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Medical services provided to a minor are classified as necessaries. Consequently, the claim for payment is legally valid under the Indian Contract Act, specifically regarding the minor's estate.

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

F, a money lender, advances RS. 10,000 to J, an agriculturist and by undue influence, induces J to sign a bond for Rs. 20,000 with interest at 6% p.m. The court may set the Bond aside, ordering J to repay only Rs. 10,000 at such nominal interest as it may deem fit.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When a contract is induced by undue influence, the court has the discretion to set the contract aside or enforce it on modified terms that are equitable to both parties.

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

Claim for necessaries of life supplied to a minor can be enforced against _________.

  1. the Minor's property or estate

  2. any relative

  3. the minor personally on attaining majority

  4. the guardian, if any, of the minor
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The law regarding necessaries for a minor is that the minor is not personally liable, but their property or estate can be held liable for the reasonable value of the goods or services supplied.

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

An illiterate old woman made a gift deed of practically her entire property to her nephew who managed her affairs. The gift can be set aside on the grounds of -

  1. Mistake

  2. Coercion

  3. Fraud

  4. Undue Influence
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

As the nephew may have influenced her to make a contract under such circumstances the contract is invalid.

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

X bought shares in a Company on the faith of a prospectus that contained an untrue statement as to the Directorship of J. X had never heard of J and hence such statement was immaterial from his view point. X claimed damages for fraud. His claim will be dismissed on the ground that ______.

  1. there was no fraud at all

  2. fraud in Company Prospectus is not covered by Indian Contract Act

  3. the untrue statement had not induced him to buy the shares

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

For a claim of fraud to succeed, the misrepresentation must have induced the party to enter into the contract. If the statement was immaterial to the party, there is no inducement, and the claim fails.

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, a singer enters into a contract with B, the manager of a theatre to sing at his theatre two nights in every week during the next two months and B engages to pay her Rs. 1,00,000 for each night's performance. On the sixth night, A willfully absents himself from the theatre. If A turns up after a week and B without saying anything allowed A to perform that night __________.

  1. B is at liberty to put an end to the contract

  2. B cannot put an end to the contract but can claim damages from A

  3. The contract is left at the liberty of A

  4. The contract is unlawful
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

If a party accepts performance after a breach, they waive their right to rescind the contract based on that breach, though they may still be entitled to claim damages for the loss suffered.

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 contract may be discharged by

  1. Lapse of time

  2. Operation of the law

  3. Mutual agreement

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

A contract can be discharged through various means, including performance, mutual agreement, operation of law, or breach. All the listed options are valid methods of discharge.

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 contract is discharged by operation of law:

  1. by death of the promisor;

  2. by insolvency of promisor;

  3. by death or insolvency of promisor.

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

Discharge by operation of law occurs in cases such as insolvency or the death of a promisor (in contracts involving personal skill), making all the listed options correct.

Multiple choice meaning and characteristics of negotiable instruments the negotiable instruments act, 1881 commerce

An indorsement made by an indorser by signing his name and also by writing the name of the indorse, is known as _________________.

  1. General indorsement

  2. Special indorsement

  3. Restrictive indorsement

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A special indorsement specifies the person to whom or to whose order the instrument is to be payable. It includes the signature of the indorser and the name of the indorsee.