Tag: commerce

Quizzes (249) Questions (753)

Questions Related to commerce

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

A sum of money was agreed to be paid to the father in consideration of his giving his daughter in marriage. agreement is void on grounds of being __________.

  1. restraint of marriage

  2. marriage brokerage contract

  3. restraint of personal liberty

  4. restraint of legal proceedings.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An agreement to pay money to a parent in consideration of giving their daughter in marriage is a marriage brokerage contract, which is against public policy and void.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

Which of the following relationships do not raise a presumption of dominance of will?

  1. Trustee and Beneficiary

  2. Doctor and Patient

  3. Husband and Wife

  4. Father and Son
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

While many relationships (like doctor-patient or father-son) imply a fiduciary duty or dominance, the law does not automatically presume that a husband dominates the will of his wife.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

Mistake as to Foreign Law is treated in the same manner as _____.

  1. Mistake of Indian Law

  2. Mistake of Fact

  3. Misrepresentation

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

Under the Indian Contract Act, a mistake as to foreign law is treated as a mistake of fact, whereas a mistake as to Indian law does not make a contract void.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

Peter buys a mosquito killer machine assuming that it is worth Rupees 50000. But actually costs Rupees 5000. The remedy available to Perer ______

  1. He can avoid contract on the ground of mistake

  2. He cannot avoid contract on the ground of mistake

  3. He can claim Rupees 5000

  4. He can claim Rupees 50000
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A mistake regarding the value of the item is not a mistake of fact that invalidates a contract. Peter is bound by the contract he entered into.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

G paid Rs. 1,00,000 to H to influence the head of the Government Organisation in order to provide him some employment. On his failure to provide the job, G sued H for recovery of the amount. Which of the following is correct?

  1. G can recover the amount of Rs. 10,000

  2. G can recover the amount of Rs. 10,000 with interest.

  3. G can file a suit

  4. G cannot recover the amount
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The agreement is for an illegal purpose (bribery/corruption). Such agreements are void, and the law will not assist in the recovery of money paid for an illegal act.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

When the performance of a contract becomes impossible, the purpose which the parties had in mind is frustrated. If the purpose becomes impossible because of supervening event, the Promisor is excused from the performance of the contract. This is known as ________.

  1. doctrine of frustration

  2. initial impossibility

  3. lapse of time

  4. operation of law
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

When a contract becomes impossible to perform due to a supervening event, it is known as the doctrine of frustration, which renders the contract void.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

A and B contract that B shall build a house for A for Rs. 9 Lakhs. B is ready and willing to construct the house, but A prevents him from doing so. In this case _________.

  1. B can opt to rescind the contract

  2. B is entitled to recover compensation for any loss suffered by him.

  3. either (a) or (b)

  4. both (a) and (b)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

If a promisor is prevented from performing by the promisee, the contract becomes voidable at the option of the promisor, and they are entitled to compensation for any loss sustained.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

If the time is the essence of Contract and it is not performed with in specified time, then __________.

  1. the Contract cannot be performed later on

  2. the promisor can compel the promisee to accept the performance later on

  3. the Contract becomes voidable at the option of promise

  4. the Contract becomes voidable at the option of promisor
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

If time is of the essence and the contract is not performed within the specified time, the contract becomes voidable at the option of the promisee.

Multiple choice commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

If any one of the joint promisors makes a default in making contribution. How will it be settle down by other promisors?

  1. Representative of promisor will be liable to contribution

  2. Contribution will be dismissed automatically

  3. Representative of a promisor will be liable along with other joint promisors

  4. The remaining joint promisors will be liable to contribute
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In the case of joint promisors, if one defaults, the remaining joint promisors are liable to contribute to the performance of the contract.