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

X, Y and Z are partners of software business jointly promise to pay Rs. 30,000 to A. Over a period of time Y became insolvent, but his assets are sufficient to pay 1/4th of his debts. Z is compelled to pay the whole.

  1. Z has to bear the entire amount of liability

  2. X has to bear the entire loss arising out of Y's insolvency

  3. X and Z have to bear equally, the loss arising out of Y's insolvency

  4. Z can recover back the entire amount from A.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

When one joint promisor is insolvent, the loss arising from their insolvency must be shared equally by the remaining solvent joint promisors.

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

Ram, Lal and Shyam jointly promise to pay Mohan Rs. 30,000. Shyam paid the whole amount to Mohan. If Ram and Lal are solvent, Sham can recover _________.

  1. Rs. 50,000 from Lal

  2. Rs. 30,000 from Ram

  3. Rs. 20,000 from Lal

  4. Rs. 10,000 each from Ram and Lal
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Joint promisors are liable to contribute equally. If one pays the whole amount, they can recover the equal shares from the other solvent joint promisors.

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

Ashok owes Lakshmi Rs. 25,000/-. Lakshmi said that she will accept Rs. 15,000/- towards final statement. It is ___________ contract.

  1. voidable

  2. valid

  3. ollegal

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

The agreement to accept a lesser amount in full satisfaction of a debt is a valid contract (accord and satisfaction).

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

A business can be transacted at a board meeting even if it is not mentioned in the agenda

  1. True

  2. False

  3. Partly True

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

Generally, business transacted at a board meeting must be included in the agenda, or require specific procedures for items not on the agenda, to ensure transparency and proper notice.

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

A contract to do an act which, after the contract is made, becomes impossible

  1. becomes void when the act becomes impossible;

  2. becomes voidable when the act becomes impossible;

  3. becomes illegal when the act becomes impossible;

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

Under the Indian Contract Act, a contract to do an act which, after the contract is made, becomes impossible or unlawful, becomes void when the act becomes impossible or unlawful.

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

The directors appointed in a company on an application made under Sec. 241 are appointed by.

  1. Auditor

  2. Tribunal

  3. General Government

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

Under Section 241 of the Companies Act, the Tribunal has the power to appoint directors to prevent mismanagement or oppression.

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

The disqualification for being appointed as a director are contained in which section of Companies Act, 2013?

  1. Sec. 164

  2. Sec. 166

  3. Sec. 170

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

Section 164 of the Companies Act, 2013, specifically outlines the grounds for the disqualification of a person from being appointed as a director of a company.

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

A person who is usually of unsound mind, but occasionally of sound mind:

  1. may make a contract when he is of sound mind;

  2. cannot make any contract;

  3. can make a contract by his legal representative;

  4. can make a contract by registered document.
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A person who is usually of unsound mind but occasionally of sound mind can enter into a contract during those intervals when they are of sound mind.

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

Every promise and every set of promises, forming the consideration for each other, is called

  1. An offer

  2. An agreement

  3. A promise

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

According to Section 2(e) of the Indian Contract Act, every promise and every set of promises, forming the consideration for each other, is an agreement.