BUSINESS LAW - I MCQS

T.Y B.COM

SEMESTER - 5

BUSINESS LAW - I

MCQS = 2010 - 11

1) "A agrees to sell his car to B for Rs. Five lakh. A Offer to deliver the car, but B regret it". This is an example of __________.

a) Tender

b) Reciprocal promise 

c) Assignment

d) Joint promise

2) Latin maxim "consensus ad idem' means _________.

a) Meeting of parents 

b) Meeting of minds

c) Meeting of parties 

d) None of these

3) A proposal once accepted, becomes ________.

a) A Promise

b) An Offer

c) A Contract

d) An Agreement

4) If the acceptance is given by offeree is subject to some condition, it is ________.

a) Not a valid acceptance

b) Binding

c) valid

d) lawful

5) A supply to B- a lunatic with necessaries suitable to his condition in life. Which of the following statement is true?

a) A cannot recover price of necessity as B is not competent to make a contract

b) A cannot recover as no legal action lies against B

c) A can recover the cost from the estate of B.

d) A can recover by making further agreement

6) Which of the following is type of damages __________.

a) Specific performance

b) Supreme

c) Vindictive

d) Quantum meruit

7) The foundation of modern law of damages is to be found in the case of _________.

a) Balfour v. Balfour 

b) Saloman v. Saloman 

c) Hadely v.Baxendale 

d) Nash v. Inman

8) When the consent of the party is obtained by physical force, the contract is __________.

a) Voidable

b) Illegal

c) Void

d) Valid

9) A minor's agreement is _________.

a) Unlawful

b) Voidable

c) Void ab initio

d) Illegal

10) A threat to commit suicide amounts to __________.

a) Fraud

b) Coercion

c) Undue influence

d) Misrepresentation

11) When both the parties to the contract are under an erroneous belief about the fact which is material to the contract, the contract becomes _________.

a) Voidable

b) Void

c) Illegal

d) Valid

12) Which of the following is not correct __________.

a) Minor's estate is liable for necessaries supplied to him

b) Minor can always plead minority

c) Minor is liable in tort

d) Minor cannot be beneficiary

13) Mistake as to foreign law is treated as __________.

a) Mistake of union

b) Mistake of law

c) Mistake of fact

d) Fraud

14) An agreement whereby one party assists another in recovering money or property and in tum share in the proceeds of the action is called _________.

a) Champerty

b) Maintenance

c) Stifling prosecution

d) Interference with court of justice

15) Which of the following agreement is expressly declared void?

a) Agreement in restraint of trade

b) Agreement in restraint of marriage

c) Agreement in restraint of legal proceedings 

d) All of these

16) A Lottery, being a game of chance is a __________

a) Wagering agreement

b) Contingent contract

c) Valid contract

d) Quasi contract

17) Acceptance of a lesser fulfillment of the promise is technically called __________

a) Alteration

b) Rescission

c) Remission

d) Merger

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