Tag: business law and contract act

Questions Related to business law and contract act

The legal representative or any other person of an individual who is dead is liable to pay ta, x only if _________________________.

introduction of business laws business law and contract act business studies

  1. The business has been carried on by the legal representative

  2. The business has been carried by the legal representative or any other person

  3. The business has been carried by any other person

  4. None of the above

Show answer
Correct Option: B

Choose the correct answer from the alternatives given.
A stranger to contract ________________.

introduction of business laws business law and contract act business studies

  1. can sue

  2. cannot sue

  3. none of these

  4. All of these

Show answer
Correct Option: B

Choose the correct answers from the following alternatives given
False representation does not amount to misrepresentation where:

introduction of business laws business law and contract act business studies

  1. representation is made with the knowledge of its falsehood

  2. representation is made without the knowledge of its falsehood

  3. representation was true at the time when it was made but becomes untrue before the contract is entered into and this fact was not known to the party who made the representation

  4. none of these

Show answer
Correct Option: A

An advertisement to pay reward to anyone who traces the missing boy of the advertiser is _____________.

introduction of business laws business law and contract act business studies

  1. an express offer

  2. an implied offer

  3. a general offer

  4. None of these

Show answer
Correct Option: C
Explanation:

Section 2(a) defines an offer as, “a proposal made by one person to another to do an act or abstain from doing it.” General offer is made to the public in general or society or community as a whole. Specific offer is made to one person or group of persons.

Choose the correct answers from the following alternatives given
A person who is mentally deranged due to some mental strain or other personal experience and suffers from intermittent intervals of sanity and insanity is

introduction of business laws business law and contract act business studies

  1. Idiot Person

  2. Lunatic Person

  3. Intoxicated Person

  4. All of the above

Show answer
Correct Option: B

Choose the correct answer from the alternatives given.
Contracts made before war with an alien enemy which are against public policy are:

introduction of business laws business law and contract act business studies

  1. suspended and are revived after the war is over.

  2. dissolved

  3. not affected at all

  4. void ab initio

Show answer
Correct Option: B

LEGAL PRINCIPLE: When one person signifies to another his willingness to do or abstrain from doing anything, with a view to obtaining the assent of that person to such an act or abstinence, he is said to have made a proposal.
FACTUAL SITUATION: Ram sends a telegram to Sohan, writing: "Will you sell me your Rolls Royce Car? Telegram the lowest cash price." Sohan also replied by telegram: " Lowest price for car is $Rs. 20$ lakh." Ram immediately sent his consent through telegram stating. " I agree to buy the car for $Rs. 20$ lakh asked by you." Sohan refused to sell the car.

introduction of business laws business law and contract act business studies

  1. He cannot refuse to sell the car because the contract has already been made

  2. He can refuse to sell the car because it was only invitation to offer and not the real offer

  3. It was not a valid offer because willingness to enter into a contract was absent

  4. It was not a valid contract as offer and acceptance is conveyed through telegram

Show answer
Correct Option: B
Explanation:

When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that to such act or abstinence, he is said to make proposal. It was just invitation to offer, not the real offer. Hence, Sohan can refused to sell the car.

Choose the correct answer from the alternatives given.
Who among the following is not disqualified by law to enter in to contract?
1. A major person    
2 . A lunatic    
3. Insolvent person 
4.  Diplomatic staff of foreign states

introduction of business laws business law and contract act business studies

  1. 1 & 2

  2. 2 & 3

  3. 3 & 4

  4. 1 & 4

Show answer
Correct Option: D

Choose the correct answers from the alternatives given
Claim for Quantum Meruit cannot arise in case of _________.

introduction of business laws business law and contract act business studies

  1. Void Agreements

  2. Void Contracts

  3. Non-Gratuitous Act

  4. Gratuitous Act

Show answer
Correct Option: D

Choose the correct answers from the alternatives given
The basis of quasi contractual relations is the________________.

introduction of business laws business law and contract act business studies

  1. existence of a valid contract between the parties

  2. prevention of unjust enrichment at the expense of others

  3. Provisions contained in Section 10 of the Contract Act

  4. Existence of a voidable contract between the parties

Show answer
Correct Option: B