Business Laws and Special Contracts Set 5
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This set of Business Regulations Multiple Choice Questions & Answers (MCQs) focuses on Business Laws and Special Contracts Set 5
Q1 | An auction sale is complete on the
- fall of hammer
- delivery of goods
- payment of price
- both (b) and (c)
Q2 | An unlawful act by which an intending purchaser is prevented from bidding or raising theprice at an auction sale is known as
- decoy ducking
- puffering
- damping
- none of these
Q3 | The right of lien is exercised
- to retain possession of goods
- to regain possession of goods
- to resell the goods
- none of these
Q4 | Which of the following rights are available to the unpaid seller against the buyer
- suit for price
- suit for interest
- suit for repudiation
- all of these
Q5 | Delivery of the key of the warehouse by the seller to the buyer will amount to
- actual delivery
- symbolic delivery
- constructive delivery
- none of these
Q6 | In case the buyer rejects the whole quantity of goods due to short delivery or excessdelivery, the contract is treated as
- subsisting
- cancelled
- void
- invalid
Q7 | The Sale of Goods Act, 1930 came into force on
- 1st day of july 1930
- 1st day of january 1930
- 1st day of august 1930
- 1st day of september 1930
Q8 | Which law governs the sale of movable property in India?
- transfer of property act, 1872
- sale of goods act, 1930
- indian contract act, 1872
- all of the above
Q9 | A contract of sale may be
- oral
- written
- always expressed
- either (a) & (b)
Q10 | ‘Delivery’ within the meaning of the Sale of Goods Act can be
- symbolic
- actual
- actual
- either (a) or (b) or (c)
Q11 | The term ‘possession of goods’ means
- ownership of goods
- custody of goods
- both (a) & (b)
- none of these
Q12 | The term ‘Goods’ in the Sale of Goods Act means
- subject matter of the contract of sale
- specific goods only
- ascertained goods only
- unascertained goods only
Q13 | The goods which are to be produced by the seller after the contract of sale is made areknown as
- contingent goods
- unascertained goods
- future goods
- none of the above
Q14 | Where money is exchanged by one person for some money with another person, thetransaction is known as
- barter
- exchange
- money sale
- none of the above
Q15 | A Sale of Goods under the Sale of Goods Act, 1930 includes
- a jus in personam
- a jus in rem
- both (a) & (b)
- neither (a) & (b)
Q16 | Where no price is fixed by express agreement, the buyer shall pay the seller
- lowest price
- reasonable price
- suitable price
- adhoc price
Q17 | A stipulation in a contract may be
- condition
- warranty
- neither (a) & (b)
- both (a) & (b)
Q18 | A ‘Condition’ under the Sale of Goods Act has been defined as a stipulation
- collateral to the main purpose of the contract
- main purpose of contract
- essential to the main purpose of the contract
- all of the above
Q19 | Which of the following is correct?
- a condition is a stipulation, not essential to the main purpose of the contract.
- a warranty is a stipulation, collateral to the main purpose of the contract.
- breach of a warranty, gives rise to a right to treat the contract as repudiat
Q20 | When the buyer’s right of quiet possession of goods is affected by the seller’s fault, thebuyer can
- reject the goods
- claim for damages
- repudiate the contract
- all of the above
Q21 | The buyer shall have and enjoy quiet possession of goods. This is an __________
- implied warranty as to title
- implied condition as to title
- implied warranty as to possession
- implied condition as to possession
Q22 | The general rule is that the buyer of goods is responsible for his choice or selection. Thisdoctrine is
- ignorantia juris non excusat
- quid pro quo
- nemo dat quad non habet
- caveat emptor
Q23 | The process of identifying the goods and setting apart is called
- identification
- procurement
- ascertainment
- allocation
Q24 | ‘Nemo Dat Quod Non Habet’ means
- no man can pass a better title than what he himself possesses.
- let the buyer beware.
- void from the beginning.
- ignorance of law is no excuse.
Q25 | According to the Sale of Goods Act ‘fault’ means
- refusal to pay price
- refusal to deliver goods
- any wrongful act or default
- any fraud