All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Business Law  >  Test: Discharge of Contract - B Com MCQ

Test: Discharge of Contract - B Com MCQ


Test Description

10 Questions MCQ Test Business Law - Test: Discharge of Contract

Test: Discharge of Contract for B Com 2024 is part of Business Law preparation. The Test: Discharge of Contract questions and answers have been prepared according to the B Com exam syllabus.The Test: Discharge of Contract MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Discharge of Contract below.
Solutions of Test: Discharge of Contract questions in English are available as part of our Business Law for B Com & Test: Discharge of Contract solutions in Hindi for Business Law course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Discharge of Contract | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Business Law for B Com Exam | Download free PDF with solutions
Test: Discharge of Contract - Question 1
Save

When can a party claim compensation under quantum meruit?

Detailed Solution for Test: Discharge of Contract - Question 1
A party can claim compensation under quantum meruit when they have partially performed their obligations under the contract. This means that they have rendered goods or services to the other party, but the contract could not be fully performed for some reason. The party can then seek payment for the work they have done based on the principle of as much as merited.
Test: Discharge of Contract - Question 2
Save

What is the term used to describe the cancellation of a contract?

Detailed Solution for Test: Discharge of Contract - Question 2
Rescission refers to the cancellation of a contract. It can be done by mutual consent of the parties, where they agree to terminate the contract before its breach. It can also be done by the aggrieved party if the other party has committed a breach of the contract. In case of a voidable contract, the party whose consent is not free can also rescind the contract.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Discharge of Contract - Question 3
Save

When can a contract be discharged by material alteration?

Detailed Solution for Test: Discharge of Contract - Question 3
Material alteration refers to a change in one or more of the conditions of the contract. It can only be done with the mutual consent of the parties. However, any material alteration made by one party without the consent of the other party will discharge the latter from its obligations under the contract. It is important to note that in case of material alteration, only some of the terms of the contract are changed, while the parties continue to be the same.
Test: Discharge of Contract - Question 4
Save
What does remission refer to in relation to a contract?
Detailed Solution for Test: Discharge of Contract - Question 4
Remission refers to the acceptance of a lesser performance than what was actually due under the contract. It allows a party to dispense with or remit, wholly or in part, the performance of the promise made to them. This can include extending the time of performance or accepting alternative satisfaction. It is important to note that a promise to remit or accept a lesser performance will be binding even without consideration.
Test: Discharge of Contract - Question 5
Save
In what cases can a contract be discharged by operation of law?
Detailed Solution for Test: Discharge of Contract - Question 5
A contract can be discharged or terminated by operation of law in various cases. Two examples mentioned in the text are merger and death. Merger refers to the coinciding and meeting of an inferior and superior right on one person, resulting in the termination of the inferior right. Death, on the other hand, can discharge a contract if it is of a personal nature. In other cases, the rights and liabilities of the deceased person will pass to their legal representatives.
Test: Discharge of Contract - Question 6
Save
What is the term used to describe breach of contract committed before the date of performance?
Detailed Solution for Test: Discharge of Contract - Question 6
Anticipatory breach refers to a breach of contract that is committed before the date of performance. It occurs when one party repudiates or refuses to perform their obligations under the contract before the agreed-upon time arrives. This allows the aggrieved party to treat the contract as terminated and seek remedies for the breach. However, the aggrieved party must elect to treat the anticipatory breach as equivalent to an actual breach in order to have a right of action.
Test: Discharge of Contract - Question 7
Save
What is the purpose of awarding damages for breach of contract?
Detailed Solution for Test: Discharge of Contract - Question 7
Damages are awarded for breach of contract with the purpose of compensating the aggrieved party for the loss they have suffered. The objective is to put the aggrieved party in the same position, as far as money can do, as they would have been if the contract had been performed. Damages are meant to restore the party to the position they would have been in if the breach had not occurred.
Test: Discharge of Contract - Question 8
Save
What are ordinary damages in relation to breach of contract?
Detailed Solution for Test: Discharge of Contract - Question 8
Ordinary damages refer to damages that arise naturally in the usual course of events from the breach of contract itself. They are the direct loss suffered by the aggrieved party and are estimated based on the circumstances prevailing at the time of the breach. These damages are awarded to compensate for the actual loss that the party has sustained due to the breach.
Test: Discharge of Contract - Question 9
Save
When can special damages be claimed for breach of contract?
Detailed Solution for Test: Discharge of Contract - Question 9
Special damages can be claimed for breach of contract when the special circumstances responsible for the special losses were made known to the other party at the time of making the contract. These damages constitute the indirect loss suffered by the aggrieved party on account of the breach. They can only be recovered if the other party was aware of these special circumstances when entering into the contract.
Test: Discharge of Contract - Question 10
Save
What is the measure of damages in contracts of sale and purchase of goods?
Detailed Solution for Test: Discharge of Contract - Question 10
In contracts of sale and purchase of goods, the measure of damages is the difference between the contract price and the price at which the purchaser might have obtained goods of like quality at the time and place they should have been delivered. If no date has been fixed for the performance of the contract and the promisor commits a breach, the measure of damages will be the difference between the contract price and the market price at the date of the refusal to perform. This allows the aggrieved party to recover the loss they have suffered as a result of the breach.
33 videos|59 docs|18 tests
Join Course
Information about Test: Discharge of Contract Page
In this test you can find the Exam questions for Test: Discharge of Contract solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Discharge of Contract, EduRev gives you an ample number of Online tests for practice
33 videos|59 docs|18 tests
Join Course
Download as PDF

Important Questions for Discharge of Contract

Find all the important questions for Discharge of Contract at EduRev.Get fully prepared for Discharge of Contract with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Discharge of Contract syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Discharge of Contract resources.

Discharge of Contract MCQs with Answers

Prepare for the Discharge of Contract within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Discharge of Contract Business Law

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Discharge of Contract with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup