Tag: business law and contract act

Quizzes (5) Questions (176)

Questions Related to business law and contract act

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

Which among the following is/are the type(s) of lien?

  1. Particular lien

  2. General Lien

  3. Both (a) and (b)

  4. Neither(a) nor (b)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Lien is the right to retain possession of goods until a debt is paid. It is classified into particular lien (for specific services) and general lien (for any balance due).

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

Inadequacy of consideration may be taken into account by the Court to determine whether the consent or promisor was freely given.

  1. True

  2. Partly True

  3. False

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

Under the Indian Contract Act, inadequacy of consideration does not invalidate a contract, but it can be evidence to determine if consent was freely given. It is not strictly true or false, making 'partly true' the most accurate classification.

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

L says to J "I shall sell my house; will you buy?" A says, " Yes, I shall buy". The agreement is void due to ________.

  1. uncertainty of meaning

  2. uncertainty of price

  3. uncertainty of existence of subject matter

  4. uncertainty of quality of subject matter
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An agreement is void if its meaning is not certain or capable of being made certain. In this case, the price is not specified, making the agreement void due to uncertainty.

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

On the face of a ticket for a journey, the words, "For conditions see back" are printed in small print. The passenger ______.

  1. is bound by the conditions whether he takes care to read them or not

  2. is not bound by the conditions

  3. may not take note of the conditions

  4. may claim that he has not seen the conditions
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

If a document contains conditions and the party is notified of their existence (e.g., 'see back'), they are bound by those conditions even if they choose not to read them.

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

A agrees to pay B Rs. 10 Lakhs and B promises to bring for A, stars from heaven. The agreement is _______.

  1. void

  2. valid

  3. voidable

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

An agreement to do an act that is physically impossible (like bringing stars from heaven) is void under the law as it cannot be performed.

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

A teacher enters in to contract with a student to teach for the exams, but he dies before teaching. Now __________.

  1. legal representatives are bound to perform

  2. becomes enforceable

  3. voidable

  4. contract comes to an end
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Contracts involving personal skill are dependent on the continued existence of the promisor. Death of the promisor terminates such a contract.

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

Shyam and Sunil are joint promisors. Promisee discharged one of the joint promisor. Then ___________.

  1. both of them discharged from liability

  2. promise comes to an end

  3. Sunil is not discharged from liability towards Shyam

  4. Sunil is discharged from liability
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Discharging one joint promisor does not release the other joint promisor from their liability to the promisee, nor does it affect the right of contribution between the 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

In case of death of a Joint Promisor(s), the Promisee can ________.

  1. enforce the contract against the survivor(s) of the said Joint Promisor(s)

  2. not enforce the contract against the survivor(s) of the said Joint Promisor(s)

  3. not enforce the contract at all

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

In the event of the death of a joint promisor, the promisee can enforce the contract against the surviving joint promisor(s) and the legal representatives of the deceased promisor.