Test: Business Laws - 4 - CA Foundation MCQ

valid contract

void contract

voidable contract

illegal contract

void

valid

voidable

contingent

contract of sale

agreement to sell

sale on approval

barter

valid

void

voidable

illegal

Consideration must result in a benefit to both parties.

Past consideration is no consideration in India.

Consideration must be adequate.

Consideration must be something, which a promisor is not already bound to do.

void ab initio

voidable

valid

unlawful

conditions

guarantee

warranty

None of these

let the seller beware

let the buyer beware

let the creditor beware

None of the above

void

voidable

valid

illegal

arises after he attains majority age

is against only minor`s property

does not arise at all

arises if minor gives a promise for it

intend to create legal relations

have certain and unambiguous terms

contain a term the non-compliance of which would amount to acceptance

be communicated to the person to whom it is made

delivery of goods

payment of price

fall of hammer

None of the above

takes part in the business of the firm

actively participates in co-curricular activities

actively shares the profits

makes a show of authority

compulsory

optional

occasional

None of the above

Constructive delivery

Structured delivery

Actual delivery

Symbolic delivery

not entitled to share profits

entitled to share profits in capital ratio

entitled to share in proportion to their ages

entitled to share profits equally

distribution

appropriation

amortisation

storage

dissolving the firm

result in continuance of the business of the firm

his heirs joining the firm

computation of profits upto the date of death

becomes void on C`s death

should be performed by A and B along with C`s legal representatives

should be performed by A and B alone

should be renewed between A, B and D

present goods

existing goods

specific goods

None of the above

Compensation for involuntary services

Love and affection

Contract of agency

Gift

Condition as to title

Condition as to description

Condition as to free from encumbrance

Condition as to sample

The contract is valid and G can recover the amount from H.

The contract is void as it is opposed to public policy and G cannot recover.

G can recover the amount with interest.

G can recover the amount of Rs. 1,00,000 and damages.

mistake of fact

mistake of Indian law

fraud

misrepresentation

sell or consign goods

raise money on the security of goods

sell or buy goods

any of the above

business

sharing of profits

agreement

business to be carried on by all or any of them acting for all

It must be done at the time of its formation.

It may be done at the time of formation.

It may be done before filing a suit against third party.

It may be done at any time after its formation.

coercion

undue Influence

misrepresentation

fraud

void

valid

voidable

contingent

reaching the age of superannuation

on the balance in the capital account reaching a certain amount

in accordance with the Partnership Deed

on the condition of his nominee becoming a partner