Test: Business Laws - 1


25 Questions MCQ Test Mock Tests & Past Year Papers for CA Foundation | Test: Business Laws - 1


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This mock test of Test: Business Laws - 1 for CA Foundation helps you for every CA Foundation entrance exam. This contains 25 Multiple Choice Questions for CA Foundation Test: Business Laws - 1 (mcq) to study with solutions a complete question bank. The solved questions answers in this Test: Business Laws - 1 quiz give you a good mix of easy questions and tough questions. CA Foundation students definitely take this Test: Business Laws - 1 exercise for a better result in the exam. You can find other Test: Business Laws - 1 extra questions, long questions & short questions for CA Foundation on EduRev as well by searching above.
QUESTION: 1

Who can accept the offer?

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QUESTION: 2

An offer does not lapse due to

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QUESTION: 3

An offer, when accepted, becomes a/an

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A Proposal when accepted becomes a promise. In simple words, when an offer is accepted it becomes promise.

QUESTION: 4

Which of the following is a valid offer?

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QUESTION: 5

If there is no time specified for the delivery of goods, then the goods should be delivered

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QUESTION: 6

An offer must create _____ relationship.

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QUESTION: 7

Which of the following can be classified on the basis of validity or enforceability?

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QUESTION: 8

_________ creates rights and obligations between the parties concerned.

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QUESTION: 9

A contract which ceases to be enforceable by law becomes

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QUESTION: 10

Which of the following are not a part of existing goods?

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QUESTION: 11

Formal contracts are _________ under the Indian law.

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Correct Answer :- b

Explanation :  A formal contract is a contract where the parties have signed under seal, while an informal contract is one not under seal. A seal can be any impression made upon the document by the parties to the contract. 

Therefore, Formal contracts are not recognized under the Indian law.

QUESTION: 12

A partnership firm is

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Correct Answer :- c

Explanation :The partnership firm is not regarded as a legal entity, therefore the firm cannot on its own create or enter into any contract. Any Partner authorized by all the partners or all the Partners of the firm shall execute the contract.

QUESTION: 13

Who among the following is competent to enter into a valid contract?

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QUESTION: 14

Which of the following is/are not the subject matter of a contract of sale?

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QUESTION: 15

The assets of partnership firm is/are

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QUESTION: 16

Which of the following is a consideration in the sales of goods?

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QUESTION: 17

A contract where one of the parties has performed and the performance of the other party is due is called

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QUESTION: 18

The person who accepts the proposal is called

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When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.

QUESTION: 19

A _____ offer is also known as continuing offer.

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QUESTION: 20

Which of the following acts by partners is not considered as an act done by partnership firm?

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QUESTION: 21

The consideration may be

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QUESTION: 22

When does a partnership firm need to be dissolved?

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QUESTION: 23

An agreement to sale becomes the contract of sale

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QUESTION: 24

`Third party` in partnership firm means

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QUESTION: 25

All void agreements are

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