Tag: business law and contract act

Quizzes (5) Questions (176)

Questions Related to business law and contract act

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

An intentional Misrepresentation will amount to -

  1. Fraud

  2. Coercion

  3. Undue Influence

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

Fraud is defined in contract law as an intentional misrepresentation or concealment of facts made by a party to induce another to enter into a contract. Coercion and undue influence involve pressure rather than deception.

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

A contracts to marry B. Before the agreed date of marriage, A marries C. Here, B is entitled to sue A for ___________.

  1. actual breach in an express manner

  2. anticipatory breach in an express manner

  3. actual breach in an implied manner

  4. anticipatory breach in an implied manner
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

An anticipatory breach occurs when a party repudiates their obligation before the due date. Since A married someone else, they have made performance impossible, which is an implied act of repudiation.

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

In case of anticipatory breach of contract, the ___________..

  1. contract automatically comes to an end

  2. promisor is discharged of his liability

  3. promisee has no remedy

  4. promisee can claim damages
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

When an anticipatory breach occurs, the promisee has the option to treat the contract as rescinded and sue for damages immediately, or wait until the due date. The promisee is not left without a remedy.

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

In case of anticipatory breach remedies available to aggrieved party is ________.

  1. he cannot claim damages

  2. he can wait till due date

  3. he has no right at all

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

In an anticipatory breach, the aggrieved party has choices: they can either rescind the contract and claim damages immediately, or wait until the due date for performance. Since the options provided are restrictive or incorrect, 'none of the above' is the correct choice.

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

N singer contracted with a theatre manager to sing a song. due to her illness she failed to perform the contract she received 20000 as advance _________.

  1. N must refund 20000

  2. N need not refund 20000

  3. they must enter into new agreement

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

Under the doctrine of frustration of contract, if a contract becomes impossible to perform due to unforeseen circumstances like illness, the party who received an advance must refund it to prevent unjust enrichment.

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

Quantum Meruit means _______.

  1. a non-gratuitous promise

  2. as implied promise

  3. as much as is earned

  4. as much as is paid
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Quantum Meruit is a Latin phrase meaning 'as much as he has earned'. It is a claim for the reasonable value of services rendered when a contract is discharged or found to be void.

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

In case of  _______ the measure of damages depends upon the severity of shock to the sentiments of the Promisee/ aggrieved party. 

  1. Nominal Damages

  2. General Damages

  3. Vindictive Damages

  4. Special Damages
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Vindictive or exemplary damages are awarded in cases where the breach causes mental distress or injury to feelings, such as a breach of promise to marry or wrongful dishonor of a check by a bank.

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

Which of the following Damages are punishment in nature? 

  1. Vindictive Damages

  2. Nominal Damages

  3. Special Damages

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

Vindictive damages are punitive in nature, intended to punish the breaching party rather than just compensate the victim for actual financial loss.

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

Damages awarded simply to recognise the right of the party to claim damages for the breach of the contract are called __________.

  1. General Damages

  2. Special Damages

  3. Vindictive Damages

  4. Nominal Damages
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Nominal damages are awarded when a breach of contract has occurred, but the plaintiff has suffered no actual financial loss. They are awarded simply to recognize that a legal right has been infringed.

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

Where damages are not an adequate remedy, then court may order for _________.

  1. suit for injunction

  2. suit for quantum meruit

  3. suit for rescission

  4. suit for specific performance
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Specific performance is an equitable remedy ordered by the court when monetary damages are inadequate to compensate the plaintiff, such as in contracts for the sale of unique land or rare items.