SYBCOM Business Law MCQ with Answers: Mumbai University 2021
SYBCOM Business Law MCQ with Answers
Promises which form the consideration or part of the consideration for each other are called a_________.
- Mutual promises
- Reciprocal promises
- Promises
- Written Promises
Performance of the conditions of a proposal, or the acceptance of any consideration for a reciprocal promise which may be offered with a proposal, is an_________of the proposal.
- Acceptance
- Mutual Acceptance
- Written Acceptance
- Reciprocal Promise
In case of destruction of goods after sales, the loss is borne by the______.
- seller
- buyer
- creditor
- third party
A contract of sale of goods is a contract whereby the seller_______.
- transfer the property
- transfer the position of goods
- transfer the money
- transfer the ownership
Where the price is not determined by the contract, the buyer shall pay_______.
- any price
- reasonable price
- price fixed by the third party
- market price
A________is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.
- Contingent contract
- Quasi Contract
- Express of Implied Contract
- Indemnity Contract
A person who finds goods belonging to another, and takes them into his custody, is subject to the same responsibility as a______.
- Bailor
- Indemnifier
- Bailee
- Guarantor
The liability of Karta of a joint Hindu family firm_____.
- unlimited liability
- limited liability
- no liability
- limited and unlimited liability
Property of the form deemed to be_____.
- personal property
- Goodwill of a firm
- property of the creditor of the firm
- personal property and assets of the partner
Registration of partnership in the state of Maharashtra is______.
- compulsory
- voluntary
- optional
- not optional
The maximum number of partners carrying a banking business cannot exceed______.
- 10
- 20
- 15
- 8
No public notice is to be given in the case of______.
- minor attending majority
- retirement of a partner
- death of a partner
- admission of a partner
The position of minor in partnership is dealt with in the Indian partnership act 1932 in_____.
- section 25
- section 29
- section 30
- section 20
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Goodwill of a business is_______.
- not a partnership property
- a partnership property
- an individual partner property
- not an individual partner property
All agreements are________if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void.
- Standard forms of contracts
- Contracts
- Enforceable Contracts
- Quasi-contracts.
When, at the desire of the promisor, the promisee or any other person has done or abstained from doing, or does or abstains from doing, or promises to do or to abstain from doing, something, such act or abstinence or promise is called a consideration for the promise is defined under________.
- Section 2(e)2
- Section 2(f)
- Section 2 (a)
- Section 2(d)
A new partner can be admitted to the firm_____.
- with the consent of existing partners
- without the consent of existing partners
- with the consent of senior partners
- with the consent of junior partners
Unless otherwise agreed any interest on advances by a partner as per this partnership act is allowed at______.
- the market rate
- 6%
- 10%
- 8%
A nominal partner is liable____.
- for the nominal sum of money
- not liable for firms debts
- liable for the debts of the firm
- not for the nominal sum of money
Where a partner is entitled to interest______.
- only out of profit
- only out of capital
- only out of surplus
- only out of gains
A firm has______.
- no legal existence
- has a legal existence
- does not have existence
- no legal existence apart from its partner
Where a partner has become of_______.
- dissolve the firm
- not dissolve the firm
- order the firm to continue the business
- dissolve the form on the petition of any partner
limited liability partnership act come into force in the year________.
- 2002
- 2008
- 2004
- 2005
A partner is not liable for holding out_______.
- after he makes a representation that he is a part…..
- after his death
- any other circumstances
- any other situation
Every partner of a limited liability partnership is for the purpose of the business_______.
- any agent of LLP
- an agent of other partners
- an agent of the third party
- an agent of any party
The president of the national commission is a person who is or has been_______.
- District judge
- judge of the high court
- judge of the supreme court
- district and high court judge
The place of the national commission shall be in_________.
- Kolkata
- Delhi
- Mumbai
- Chennai
A consumer is a person who_________.
- buys the goods for consideration
- buys the goods for resale
- gets the goods free of cost
- buy the goods for bailment
Member of the district forum shall hold office for the term of_______.
- 5 years or up to the age of 65
- 6 year for up to the age of 55
- 7 years after the age of 36
- 2 years after the age of 35
The law of copyright in India is contained the copyright act 1957 by the amendment act______.
- 1995
- 1994
- 1985
- 1958
A general meeting of a company may be called by giving not less than clear_______.
- 15 days notice
- 21 days notice
- 3 days notice
- 31 days notice
Every promise and every set of promises_______is an agreement.
- In exchange for each another
- Forming the consideration for each other
- Mutually agreed
- Partially agreed
When consent to an agreement is caused by coercion, fraud or misrepresentation, the agreement is a contract________whose consent was so caused.
- valid
- void ab initio
- Legally enforceable
- voidable at the option of the party
“Private Company” means a company having the minimum paid-up share capital of_______.
- ₹5 lakh
- ₹1 lakh
- ₹10 lakh
National consumer dispute redressal commission established by the_______.
- state government
- central government
- federation government
- monarchy government
An agreement enforceable at law_____.
- agreement
- offer
- promise
- contract
Every promise and every set of_____.
- agreement
- contract
- offer
- acceptance
An agreement with or by a minor_______.
- void
- voidable at the option of minor
- voidable at the option of the party
- valid
A contract by an idiot is________.
- voidable
- enforceable
- invalid
- void ab initio
The flaw incapacity to a contract may arise from________.
- want of consideration
- unsoundness of mind
- illegality of object
- uncertainty of object
The case of Mohri bibi versus Dharmodas Ghosh deals with______.
- communication of offer
- communication of acceptance
- a minor agreement
- fraud
On attaining the age of majority minor’s agreement________.
- can be ratified by him
- cannot be rectified by him
- becomes void
- becomes valid
A contract creates_________.
- rights in personam
- rights in rem
- only rights and no obligations
- only obligations and no rights
An agreement not enforceable by law is said to be________.
- void
- voidable
- valid
- illegal
Consideration must move at the desire of_________.
- the promisor
- the promisee
- promisor or any third party
- any third party
Consideration must be something which the promise_______.
- is already bound to do
- is not already bound to do
- may voluntarily do
- must not do
A contract of life insurance is_________.
- a contract of indemnity
- not a contract of indemnity
- A wagging agreement
- non-contingent agreement
Compromises of dispute_______.
- is a good consideration for the contract
- is not good consideration for a contract
- result in a void agreement
- is not permitted by law
Quantum Meruit means_______.
- unknown gratuitous promise
- an implied promise
- as much as is earned
- as much as is paid
A finder of lost goods is a_______.
- Bailor
- Bailee
- true owner
- thief
A minor has been supplied_______.
- he is not liable
- he is personally liable
- his estate is liable
- he is not personally liable
A quasi-contract_______.
- is a contract
- is an agreement
- creates only a legal obligation
- illegal agreement
The omission of the creditor to sue within the period of limitation_________.
- discharge is the surety
- does not discharge the surety
- make the contract for guarantee void
- make the contract of guarantee enforcible
The right of subrogation in a contract of guarantee is available to the________.
- creditor
- principal debtors
- surety
A contract of indemnity is________.
- contingent contract
- wagering contract
- Quasi-contract
- voidable contract
Good means_______.
- every kind of movable property
- any immovable property
- money
- service
If the parties to a contract agree to_____a new contract for it, or to rescind or alter it, the original contract, needs not be performed.
- Alter
- Amend
- Substitute
- Modify
When an agreement is discovered to be void, or when a contract becomes void, any person who has received any_____under such agreement or contract is bound to restore it or to make compensation for it to the person from whom he received it.
- Advantage
- Benefit
- Consideration
- Favour
Law of contract in India is contained in
- The Indian Contract Act 1872
- The Indian Contract Act 1972
- The Indian Contract Act 1930
- The Indian Contract Act 1932
The Indian Contract Act came into force on_______.
- 1 st September 1972
- 1 st July 1932
- 1 st September 1872
- 1 st July 1930
A jus in personam means a right against______.
- A specific person
- The public at large
- A specific thing
- None of these
An offer is_______.
- a suggestion by one person to another
- expression of willingness by a person to another to do something in order to obtain
assent of the other person - communication of willingness of a person to another person
- an intention of a person to do or to abstain from doing an act
A proposal when accepted becomes a________.
- Promise
- Contract
- Offer
- Acceptance
When a proposal is accepted, it becomes
- promise
- contract
- Legal promise
- tentative agreement
A person to whom the proposal is made is called
- promisee
- acceptor
- offeree
- promisor
10. A promise is
- a valid offer
- a contract
- an accepted offer
- a valid agreement
Consideration means________.
- doing or abstaining from doing something at the desire of the promisor
- doing or abstaining from doing something voluntarily
- doing or abstaining from doing something which he promisee is already under a duty to do
- all of the above
Consideration is______.
- something in return
- something of value
- something invaluable
- doing something voluntarily
An agreement made without consideration is______.
- valid
- voidable
- illegal
- void
Consideration______.
- need not be adequate
- need not be real
- need not have monetary value
- need not be certain
Which of the following persons do not fall under the category of persons of unsound mind?
- Alien
- Idiot
- Lunatics
- Drunken persons
Minor’s agreement is______
- void from the beginning
- voidable
- void when court declares it void
- valid
Consent means parties agreeing on______.
- the terms of the contract
- something about a contract
- the something in the same sense
- the method of performance of contract
Free consent means_________.
- parties agreeing on the same thing in the same sense
- parties agree to do something
- parties willfully agree on the same thing in the same sense
- either a) or b)
Undue influence involves
- use of physical pressure
- use of position to obtain an unfair advantage over the other
- none of these
- a threat.
Fraud means________.
- a false representation of fact made innocently with a view to deceive the other party
- a false representation of fact made willfully without any intention to receive the other party
- a false representation of fact made willfully with a view to deceive the other party
- none of these.
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A contract based on happening or non-happening of some event which is collateral to contract is called______.
- Wagering contract
- Contingent contract
- Uncertain contract
- Illegal contract
A contingent contract may be_____.
- Void from beginning
- Void subsequently when event becomes impossible to happen
- Voidable
- Unlawful
Performance of contract means_______.
- Fulfilling all the obligations by a party
- Fulfilling all the obligations by the promisor
- Performing all the promises and fulfilling all the obligations by all the parties
- Both a) and b)
When a party to a contract transfers his contractual rights to another, it is________.
- rescission of the contract
- discharge of contract
- waiver of contract
- assignment of contract
When a valid tender of goods is not accepted, it is called________.
- actual performance
- attempted performance
- no performance
- discharge of contract
A contract is discharged________.
- When all the parties perform their promises.
- When the performance of contract becomes impossible
- When one party makes a breach of contract
- In all the above cases
A contract is discharged by remission______.
- When a party waives all his rights under a contract
- When a party cancels an existing contract
- When a party accepts lesser performance in discharge of a whole obligation
- When a party makes novation of a contract.
Anticipatory breach of a contract takes place:
- During the performance of the contract
- At the time when the performance is due
- Before the performance is due
- At the time when the contract is entered into.
The damages can be claimed only when the special circumstances are communicated to the promisor are called________.
- Ordinary damages
- Exemplary damages
- Special damages
- Nominal damages
The person who gives the indemnity is known as________.
- Indemnity-holder
- Surety
- Indemnifier
- Principal debtor
A contract to perform the promise or discharge the liability of a third person is case of his default is called_______.
- Guarantee
- Indemnity
- Agency
- consideration
4. In a contract of guarantee, a person who promises to discharge another’s liability, is known as______.
- Principal debtor
- Creditor
- Surety
- Indemnifier
The right of subrogation in a contract of guarantee is available to the_____.
- Creditor
- Principal debtor
- Surety
- Indemnifier
6. The delivery of goods by one person to another for some specific purpose is known as______.
- Bailment
- Hypothecation
- Pledge
- Mortgage
A bailee has________.
- a right of particular lien over the goods bailed.
- a right of the general lien
- a right of both particular and general lien
- no lien at all over the goods bailed
A gratuitous bailment is one which is________.
- supported by consideration
- not supported by consideration
- not enforceable by law
- void
The delivery of goods by one person to another as security for the repayment of a debt, is known as_______.
- Bailment
- Hypothecation
- Pledge
- Mortgage
The position of the finder of lost goods is that of a____
- Bailor
- Bailee
- Surety
- Principal debtor
A person appointed to contract on behalf of another person is known as__________.
- Principal
- Agent
- Servant
- Contractor
A mercantile agent to whom the possession of the goods is given for the purpose of selling the same, is known as________.
- Broker
- Factor
- Commission agent
- Insurance agent
A person appointed by the original agent to act in the business of agency, but under the control of original agent, is known as_______.
- Agent
- Del credere agent
- Substituted agent
- Sub-agent
Where one person allows another person to assume an appearance of authority to act on his behalf, such a position is known as_______.
- Express authority
- Implied authority
- Ostensible authority
- None of these
Where the agent contracts for a principal who is not competent to contract, in such a case, the agent is_____.
- Personally liable
- Not personally liable
- Exceeding authority
- None of these
Sale of Goods Act was passed in the year ________.
- 1930
- 1935
- 1932
- 1872
A contract of sale of contingent goods is________.
- Sale
- Agreement to sell
- Unlawful
- All of the above
Agreement to sell is_________.
- Executed contract
- Executory contract
- Sale
- Implied contract
A contract of sale of goods includes
- Sale only
- Agreement to sell only
- Both a) and b)
- Barter
Which of the following is an offer?
- declaration of intention.
- An invitation to offer.
- An advertisement offering a reward to anyone who finds a lost dog of the advertiser.
- An offer made jokingly.
An offer when accepted becomes_______
- Proposal.
- Consideration.
- Consent.
- Promise.
Who can accept an offer?
- The person to whom the proposal is made
- Class of persons
- The of free
- Any person
Promises which form the consideration or part of the consideration for each other are called_______.
- Reciprocal promises
- Conditional offer
- Cross offer
- Conditional promises
Consideration means___________.
- To consider
- To talk
- Something in return
- To give a proposal
Past consideration is also called as_________.
- Executory consideration
- Executed consideration
- Prospective consideration
- Illusory consideration
Stranger to a contract cannot sue while stranger to consideration can sue______.
- TRUE
- FALSE
- Stranger to a contract alone can sue
- Stranger to a contract cannot sue
On attending the age of majority a minor’s agreement______.
- Can be ratified by him
- Cannot be ratified by him
- Becomes void
- Becomes valid
A minor, by misrepresenting his age, borrow some money_____.
- He can be sued for fraud
- He cannot be sued for fraud
- He is liable to return the money
- His guardian is liable to pay
When the consent of the party is obtained by coercion, undue influence, fraud or misrepresentation, the contract is______.
- Valid
- Void
- Voidable
- Illegal
Which of the following acts does not amount to fraud?
- Knowingly making a false statement
- Promise made without intending to perform
- The active concealment of facts
- Innocent false statement
Does silence amount to fraud?
- Yes, always
- No
- Yes, only when equivalent to speech
- Yes, only when not equivalent to speech
A minor enters into a contract for the purchase of certain necessaries in such a case_______.
- He is not personally liable to pay
- He is liable to pay
- His estate is liable to pay
- His guardian is liable to pay
MCQs on Contract II
Section ———— of Indian Contract Act defines a contract of Indemnity.
Section 127
Section 124
Section 125
Section 130
A contract by which one party promises the other party to save from loss which may be caused either by the conduct of the promissor or by the conduct of any other person is called as ——–
Contract of Bailment
Contract of Guarantee
Contract of Pledge
Contract of Indemnity
In a contract of Indemnity there are ——–
3 parties and one contract
2 parties and 2 contracts
3 parties and 3 contracts
2 parties and one contract
A Contract of Indemnity is ——-
Void Agreement
Quasi Contract
Contingent Contract
Wagering Contract
A ————– is a contract to perform the promise or discharge the liability of a third person in case of his default.
Contract of Guarantee
Contract of Bailment
Contract of Indemnity
Contract of Pledge
A Contract of Guarantee is a——————- agreement.
Bipartite agreement
Tripartite agreement
Either (A) or (B)
None of these
Surety is a person who ————
Who gives the guarantee
To whom the guarantee is given
In respect of whose default the guarantee is given
None of the above
Liability of surety is ———————-
Conditional on default
Independent of default
Can be conditional or independent
None of the above
A continuing guarantee applies to ——
Reasonable number of transactions
Any number of transactions
A series of transactions
A specific transaction
A surety can be discharged from his liability by —–
By Notice
By Novation
By his Death
All the above
Right of Subrogation means ———-
The surety will step into the shoes of the another
He is entitled to the benefit of every security which the creditor has
The surety can claim indemnity from the principal debtor
All the above
Bailment means ———
The goods delivered to be returned by way of an equivalent in other commodities
The goods delivered to be returned by way of an equivalent in money
The goods is delivered by one person to another for some purpose to be specifically returned or otherwise disposed of as per the order of the bailor
All of these
Bailment is defined under Section —— of Indian Contract Act, 1872.
A)144
- B) 146
C)148
D)149
In all cases of bailment, the bailee is bound to take as much care of the goods bailed to him as a man of ordinary prudence would under similar circumstances. The statement is ———–
True
False
Partly correct
None of the above
If the goods are lent free to the bailee for his use it is known as —-
Commodation
Gratuitous Bailment
Non-Gratuitous Bailment
Deposition
If the bailee mixes the goods of the bailor with his own goods, without the consent of the bailor
The bailee is liable to pay the expenses for separation of goods and damages
The bailee is not liable
Not liable for compensation
None of these
Lien means ———
A charge
A particular status
A guarantee
A legal claim to hold property as security
Bailor in Pledge is known as ———
Bailee
Pawnor
Pawnee
None of these
In a Pledge, the general property or ownership in goods
Transferred to the pawnee
Cannot be transferred to the pawnee
Continues in the pawnor
None of the above
According to Section 71 of the Contract Act, a person who finds goods belonging to another and takes them into his custody, is subject to the same responsibility as a ———–
Bailee
Bailor
Surety
Pawnor
As per Section 182 of the Contract Act, an agent is one ———–
Who is employed by another
To do any act for another
To represent another in dealing with third person
All of the above
A sub-agent is a person ——-
Who works under the main agent
Who carries out the order and direction of a person under whom he works directly
Who works on behalf of the main agent
Employed by and acting under the control of the original agent in the business of agency
Substituted agent is ———–
Agent’s agent
Principal’s agent
None of the above
Both (A) and (B)
Ratification of authority means
Delegation of powers
Subrogation
Termination of agency
Confirmation to make valid or sanction an act which is already done.
An agency is terminated ———–
By the principal revoking the authority
By the agent renouncing the business of agency
By either the principal or agent dying or becoming of unsound mind
All the above
Voluntary transfer of possession from one person to another is called
Sale
Purchase
Delivery
Exchange
Which of the following Section of the Sale of Goods Act, 1930 defines the term “Goods”?
Section 2(7)
Section 2(4)
Section 2(5)
Section 2(9)
Goods to be manufactured or produced or acquired by the seller after making of the contract of sale are —–
Contingent goods
Future goods
Unascertained goods
None of the above
The definition of goods in the sale of goods act include —
Stock and shares
Money
Actionable claims
All the above
Seller means a person —–
Who sells
Who agrees to sell
Both of the above
None of the above
The money consideration for a sale of goods is called ——–
Purchase money
Price
Value
None of the above
The Sale of Goods Act, 1930 deals with ———
Immovable property only
Movable property only
Both (A) and (B)
None of the above
An agreement to sell is an executory contract. The statement is
True
False
Depends
None of the above
Which of the following is a bailment plus agreement to sell?
Pledge
Hire purchase
Mortgage
None of the above
A stipulation essential to the main purpose of the contract is –.
Warranty
Condition
Obligation
None of the above
A stipulation collateral to the main purpose of the contract is ——
Condition
Warranty
Obligation
None of the above
Which of the following sections of the Sale of Goods Act, 1930 deals with implied conditions and warranties?
Sections 13 to 16
Sections 14 to 17
Sections 15 to 18
Sections 16 to 18
Conditions and Warranties in a contract may be ——-
Express
Implied
Express or implied
None of the above
Which of the following is an implied warranty?
As to undisturbed possession
As to non-existence of encumbrances
As to disclosure of dangerous nature of goods
All of the above
A breach of condition may be treated as a breach of warranty and not vice versa. The statement is
True
False
Depends
None of the above
The term “Partnership” is defined in Section ——- of the Indian partnership act, 1932.
2
3
4
5
Persons who have entered into partnership with one another are collectively called as ——–
Partners
Directors
Firm
None of the above
Partnership is a subject in the —————-
Union List
State List
Concurrent List
None of the above
An action for the indemnity can be brought against a partner
By the firm
By any partner on behalf of the firm
By a partner in his individual capacity
Either (A) or (B)
A property of a partner becomes the property of the firm
When it is used for the business of the partnership
When the property is owned by the partners
When there is an agreement express or implied that the property is to be treated as that of the firm
None of the above
The property of the firm includes —-
All property and rights and interest in property originally brought into the stock of the firm
All property and rights and interest in property acquired, by purchase or otherwise, by or for the firm for the purposes and in the course of the business of the firm, and includes also the goodwill of the business
Both (A) and (B)
None of the above
47) Which of the following courts has the jurisdiction for trying an offence punishable under section138 of the Negotiable Instruments Act, 1881?
Judicial Magistrate of Second Class
Judicial Magistrate of First Class
Chief Judicial Magistrate
None of the above
A post dated cheque is only a ————— when it is written or drawn, it becomes a cheque when it is payable on demand.
Promissory Note
Bill of Exchange
Draft
None of the above
The offence u/s 138 of the Negotiable Instruments Act is —-
Cognizable and bailable
Non-cognizable and non-bailable
Cognizable and non-bailable
Non- cognizable and bailable
A promissory note is made by ———
Creditor
Debtor
Holder
Drawee
Right of Indemnity Holder is specified in —-
Section 126
Section 125
Section 124
Section 123
X and Y go into the shop. Y says to the shopkeeper ‘let him have the goods, I will see you paid’. This is a contract of ——
Guarantee
Bailment
Indemnity
Pledge
Contract of Indemnity as defined in the Indian Contract Act, 1872 covers only ——
Liability incurred by something done by the indemnified at the request of the indemnifier
Indemnity for loss caused by human agency
Indemnity arises from loss caused by the events or accidents which do not depend upon the conduct of indemnifier or any other person
None of the above
Which one of the following is not a party to a contract of guarantee?
Principal Debtor
Creditor
Surety
Pawnor
Anything done or any promise made, for the benefit of the principal debtor, may be a sufficient consideration to the surety for giving the guarantee. The statement is
True
False
Partly correct
None of the above
In a contract of guarantee, the person to whom the guarantee is given is known as ——
Principal debtor
Creditor
Surety
Bailor
In a contract of guarantee, the liability of surety is ——
Primary
Collateral and secondary
Does not arise
None of the above
- Surety is a ———-
Favored creditor
Favored debtor
None of the above
Both (A) and (B).
A guarantee obtained by means of keeping silence as to material circumstances is ——–
Valid
Void
Invalid
Voidable
A leaves a cow in the custody of B to be taken care of. The cow has a calf. In the absence of any contract to the contrary
B is bound to deliver only the cow to A
B is bound to deliver the calf as well as the cow to A
B is bound to deliver the calf as well as the cow if he is plaid half the price of the calf.
B is bound to deliver the calf as well as the cow if he is paid one third of the price of the calf.
An example of bailment without a contract is ——
Giving a vehicle in a workshop for repair
Giving something in courier
Finder of the lost goods
None of these.
A finder of goods is
Entitled to retain the goods
Entitled to claim compensation when specific reward is offered
Not entitled to claim compensation and thus not entitled to retain the goods
Both (A) and (B)
Which of the following are the rights of bailee?
Right of indemnity
Right of remuneration
Right of lien
All the above.
Which of the following are the rights of bailor?
Right to demand restoration of goods
Right to get increase or profit from goods bailed
Right to sue the bailee for the enforcement of the duties imposed upon a bailee
All the above.
Which of the following is not an example of bailment?
Giving clothes for dry-cleaning
Keeping property in mortgage
Giving clothes for tailoring
Giving book for reading
———- entitles the bailee to retain those goods of the bailor for a general balance of the account.
Particular lien
General lien
Ownership
Pledge
An agent can be appointed by —-
A minor of sound mind
Any person of sound mind
A major of sound mind
Any major of sound or unsound mind
An agent can lawfully employ a sub-agent ——
Originally
If the nature of the agency permits
If the ordinary custom of trade permits
Both (B) and (C)
Who is Sub-agent?
Who works under the main agent
Who carries out the order and direction of a person under whom he works directly
Who works on behalf of the main agent
Employed by and acting under the control of the original agent in the business of agency
For the acts of sub-agent lawfully appointed
The sub-agent is not responsible to the principal
The sub-agent is responsible to the principal directly
The agent is responsible to the principal
The agent is not responsible to the principal
An agency may be created by —-
Expressly or impliedly
Necessity
Ratification
All the above
———- is an agent who sells goods or other property by auction.
Del credere agent
Auctioneer
Factor
Broker
——— is a mercantile agent who guarantees the performance of the contract by the third person on the payment oof some extra commission.
Broker
Factor
Auctioneer
Del credere agenet
An agency comes to an end by ——–
Performance of the contract
Agreement between the principal and the agent
Renunciation of his authority by the agent
All of the above
An agency is irrevocable ——–
Where the authority of agency is one coupled with interest
Where the agent has incurred personal liability
Both (A) and (B)
None of the above.
The Sale of Goods Act, 1930 deals only with goods which are –
—— in nature.
Immovable
Movable
Specific
All the above
Goods identified at the time of contract of sale is called ———
Specific goods
Ascertained goods
Clear goods
Both (A) and (D)
——- is the concept of “Let the buyer beware”.
Unfair trade practices
Caveat venditor
Caveat emptor
None of the above
———– and ——– are the two parties’ involved in a contract of sale.
Customer and sales man
Customer and supplier
Seller and buyer
Agent and principal
It is a standard rule that risk follows ——–
Seller
Property
Buyer
Possession
An agreement to sell the transfer of property in goods from the seller to buyer takes place ———
At the end of the contract
Immediately
In a future date
- D) Both (B) and (C)
Which of the following is not a subject matter in a sale of goods act?
Trade mark
Electricity
Money
Water
A consideration in a contract of sale must be——————- only.
Goods
Movable only
Price
Purchase
——————– means no one gives what they do not have.
Caveat emptor
Caveat venditor
Nemo dat quod non habet
None of the above
Baldry V. Marshal is a leading case relating to
Fitness for buyer
Sale under a patent or trade name
Consent by fraud
None of the above
Where the partnership is at will a partner can retire any time
By consent
By agreement
By notice
All of the above
A minor admitted to the benefits of a firm has a right to ——-
Such share of the property and of the profits of the firm as may be agreed upon
Have access to and inspect and copy any of the accounts of the firm
Both (A) and (B)
Any of the above.
A minor can
Inspect the books of accounts and other books
Inspect the book of accounts not othr books and papers
Cannot inspect the book of accounts
None of the above
When a minor becomes a partner, his personal liability commences from ——
The date of his first admission
The date of majority
The date fixed by all the partners
Any one of the above
On the retirement of a partner, the firm –
Ceases to exist
Continues to exist
Depends
None of the above.
A partner may retire
With the consent of all the other partners
In accordance with an express agreement by the partners
Where the partnership is at will, by giving notice in writing to all the other partners of his intention to retire
All of the above.
Which of the following is a ground for dissolution u/s 44 of the Indian Partnership Act, 1932?
Misconduct
Permanent incapacity
Unsoundness of mind
All of the above
The Negotiable Instruments Act came into force on –
9th Dec 1881
1st March 1882
9th Dec 1882
1st April 1881
Promissory note is defined u/s ——– of the Negotiable Instruments Act, 1881.
4
5
7
8
The maker of a bill of exchange or cheque is called ——–
Holder
Drawer
Drawee
Payee
The person who is directed to pay a bill of exchange is called —
Holder
Drawer
Drawee
Payee
When does the offence u/s 138 of the Negotiable Instruments Act, complete?
When the drawer fails to pay the cheque amount within 15 days of the notice by the holder
When information regarding dishonor is received by the holder from the bank
When notice of dishonour is received by the drawer
When the cheque is dishonoured.
A person committing an offence u/s 138 shall be punished with for a term of imprisonment which may extend to
6 months
1 year
2 years
3 years
The drawee of a cheque is always a
Company
Payee
Debtor
Banker
———- cheque cannot be paid across the counter.
Stale
Mutilated
Crossed
Bearer
Asst Prof. Umesh Katekar Dayanand College of Law, Latur
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Reference: http://www.ngmc.org/
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Thanks sir 👍👍❤️❤️❤️
This is sem 3 or 4th?
Ty so much sir for your support 🙏
thank you sir for this effort of yours 🙏🏻
Thanks for the info but these questions does not come in the exams
Thanks a lot bhaiii….🤗🤗🤗
Thank you…… 😊
Thank you sir, actually ya subject ch book hi Market madhe available nahi.ahmala study karatana khup problem la face karav lagat.but subject khup interesting and easy ahe.tevad book pn publish kara ani market madhe available kara.business Law and practice ha Subject life madhe khup important ahe. Sarv information milate IT act, maharashtra shop act and establishment, general insurance, maharashtra agriculture products marketing.once again thank you so much for supporting to our studying, I read all MCQ.