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Test: Business Laws - 1


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25 Questions MCQ Test Business Laws for CA Foundation | Test: Business Laws - 1

Test: Business Laws - 1 for CA Foundation 2022 is part of Business Laws for CA Foundation preparation. The Test: Business Laws - 1 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Business Laws - 1 MCQs are made for CA Foundation 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Laws - 1 below.
Solutions of Test: Business Laws - 1 questions in English are available as part of our Business Laws for CA Foundation for CA Foundation & Test: Business Laws - 1 solutions in Hindi for Business Laws for CA Foundation course. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free. Attempt Test: Business Laws - 1 | 25 questions in 30 minutes | Mock test for CA Foundation preparation | Free important questions MCQ to study Business Laws for CA Foundation for CA Foundation Exam | Download free PDF with solutions
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Test: Business Laws - 1 - Question 1

Who can accept the offer?

Test: Business Laws - 1 - Question 2

An offer does not lapse due to

Test: Business Laws - 1 - Question 3

An offer, when accepted, becomes a/an

Detailed Solution for Test: Business Laws - 1 - Question 3

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

Test: Business Laws - 1 - Question 4

Which of the following is a valid offer?

Test: Business Laws - 1 - Question 5

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

Test: Business Laws - 1 - Question 6

An offer must create _____ relationship.

Test: Business Laws - 1 - Question 7

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

Test: Business Laws - 1 - Question 8

_________ creates rights and obligations between the parties concerned.

Test: Business Laws - 1 - Question 9

A contract which ceases to be enforceable by law becomes

Test: Business Laws - 1 - Question 10

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

Test: Business Laws - 1 - Question 11

Formal contracts are _________ under the Indian law.

Detailed Solution for Test: Business Laws - 1 - Question 11

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.

Test: Business Laws - 1 - Question 12

A partnership firm is

Detailed Solution for Test: Business Laws - 1 - Question 12

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.

Test: Business Laws - 1 - Question 13

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

Test: Business Laws - 1 - Question 14

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

Test: Business Laws - 1 - Question 15

The assets of partnership firm is/are

Test: Business Laws - 1 - Question 16

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

Test: Business Laws - 1 - Question 17

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

Test: Business Laws - 1 - Question 18

The person who accepts the proposal is called

Detailed Solution for Test: Business Laws - 1 - Question 18

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

Test: Business Laws - 1 - Question 19

A _____ offer is also known as continuing offer.

Test: Business Laws - 1 - Question 20

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

Test: Business Laws - 1 - Question 21

The consideration may be

Test: Business Laws - 1 - Question 22

When does a partnership firm need to be dissolved?

Test: Business Laws - 1 - Question 23

An agreement to sale becomes the contract of sale

Test: Business Laws - 1 - Question 24

`Third party` in partnership firm means

Test: Business Laws - 1 - Question 25

All void agreements are

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