Business Laws and Special Contracts Set 2
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This set of Business Regulations Multiple Choice Questions & Answers (MCQs) focuses on Business Laws and Special Contracts Set 2
Q1 | General offer can be accepted by
- any person
- specific person
- any person having notice of it
- none of these
Q2 | Which of the following does not constitute valid acceptance
- it has been communicated
- it is absolute and unqualified
- it has been presumed from silence of offeree
- the offer has been accepted by the proper person
Q3 | Which of the following is not the legal requirements of a valid offer
- it must be communicated to the offeree
- it must be made with a view to obtain offeree's assent
- it must express offeree's final willingness
- it must be made to a specific person and not to public at large
Q4 | As a general rule, an agreement made without consideration is
- void
- valid
- voidable
- unlawful
Q5 | An agreement made with free consent to which the consideration is lawful but inadequate, is
- void
- valid
- voidable
- unlawful
Q6 | For the enforcement of a promise to pay a time-barred debt without consideration, which ofthe following condition is not required?
- it must be in writing
- it must be definite and express
- it must be signed by the promisor
- it must be registered in court of law
Q7 | A contract is discharged by the breach when a party to a contract
- refuses to perform his promise
- fails to perform his promise
- disables himself from performing his part of the promise
- all of the above
Q8 | Which of the following is incorrect?
- the impossibility to perform a promise discharges the contract
- a merger discharges the contract
- an initial impossibility discharges the contract
- all of the above
Q9 | The doctrine of impossibility of performance, rendering a contract void, is based on
- a commercial impossibility
- a supervening impossibility
- just and reasonable ground
- an unjust enrichment
Q10 | Because of supervening event, the promisor is excused from the performance of the contract.This is known as
- a doctrine of frustration
- an initial impossibility
- a doctrine of ultra-vires
- an operation of law
Q11 | Which of the following is correct?
- a novation means making a new contract in the place of an old contract
- an alteration means making a new contract in the place of an existing one
- the performance of a contract is not a method of discharge of contract
- all of the above
Q12 | _________ indicates that the parties are not further bound under the contract
- waiver of a contract
- breach of a contract
- rescission of a contract
- discharge of a contract
Q13 | X contracts to sell his scooter to Y for Rs. 50,000 and Y agrees to pay on delivery. Both theparties perform their promises. This is called
- a waiver
- breach of a contract
- an attempted performance of contract
- an actual performance of a contract
Q14 | Assignment by the operation of law takes place
- by the mutual consent of the parties
- by the will of either party
- when the subject matter of a contract ceases to exist
- by the death of a party to a contract
Q15 | The original contract needs not to be performed, if there is
- rescission of contract
- novation of contract
- alteration of contract
- all of the above
Q16 | Rescission of a contract means
- the termination of the contract
- the renewal of the contract
- the alteration of the contract
- the substitution of the new contract in the place of the earlier one
Q17 | When the parties mutually agree to change certain terms of the contract. This is called
- a rescission of the contract
- the novation of a contract
- an alteration of a contract
- a remission of a contract
Q18 | If a person accepts a lesser sum of money than what was contracted for, in the discharge ofthe whole debt, it is known as
- a waiver
- a remission
- an alteration
- a rescission
Q19 | Intentional relinquishment of a right under the contract is called
- a waiver
- a breach
- a rescission
- an alteration
Q20 | Where a party to contract transfers his rights under the contract to another person, it is legallyknown as
- novation of a contract
- rescission of a contract
- waiver of a contract
- assignment of a contract
Q21 | Performance of a contract means
- fulfilling all the obligations by the promisee
- fulfilling all the obligations by the promisor
- performing all the promises, and fulfilling all the obligations by all the parties
- both (a) & (b)
Q22 | Offer to perform is called
- attempted performance
- caveat emptor jus in rem
- jus in personam
- jus in rem caveat emptor
Q23 | Which is not the essential of a valid tender?
- tender must be conditional
- tender must be made at a proper place
- tender must be for obligation
- tender must be made at proper time
Q24 | An offer of performance is known as a/an
- offer
- proposal
- tender
- acceptance
Q25 | The offer to perform the contract must be
- unconditional
- conditional
- rational
- provisional