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Test: Business Laws - 2 - CA Foundation MCQ


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25 Questions MCQ Test - Test: Business Laws - 2

Test: Business Laws - 2 for CA Foundation 2024 is part of CA Foundation preparation. The Test: Business Laws - 2 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Business Laws - 2 MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Laws - 2 below.
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Test: Business Laws - 2 - Question 1

Two identical offers made by two parties to each other, without knowing the other party`s offer, are called ________ offers.

Test: Business Laws - 2 - Question 2

A minor is liable to make payment for the ______ availed by him.

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Test: Business Laws - 2 - Question 3

Which of the following is a wider term?

Test: Business Laws - 2 - Question 4

Which of the following is/are also called executed consideration(s)?

Test: Business Laws - 2 - Question 5

If the goods of contract under sale are destroyed immediately after the agreement, the loss is to be borne by

Test: Business Laws - 2 - Question 6

The acceptance may be

Detailed Solution for Test: Business Laws - 2 - Question 6

Acceptance must be unconditional and absolute. There cannot be conditional acceptance, that would amount to a counteroffer which nullifies the original offer. 

Test: Business Laws - 2 - Question 7

Which of the following contracts is based upon the mode of formation?

Test: Business Laws - 2 - Question 8

There must be at least _____ parties in a contract.

Test: Business Laws - 2 - Question 9

A contract by or with a minor is _________ contract.

Test: Business Laws - 2 - Question 10

The ownership of property in goods immediately passes to buyer from seller in the contract of

Test: Business Laws - 2 - Question 11

In a contract containing reciprocal promises, where one party prevents the other from performing its promise, the contract becomes

Test: Business Laws - 2 - Question 12

The Partnership Act of India applies to

Detailed Solution for Test: Business Laws - 2 - Question 12

Correct Answer :- B

Explanation : The Indian Partnership Act 1932 defines a partnership as a relation between two or more persons who agree to share the profits of a business run by them all or by one or more persons acting for them all.

I.e. applicable only to the partnership firms.

Test: Business Laws - 2 - Question 13

The consideration must move at the desire of _______ only.

Test: Business Laws - 2 - Question 14

________ is the most common law for all commercial transactions.

Test: Business Laws - 2 - Question 15

The partners are the _______ of the partnership firm.

Test: Business Laws - 2 - Question 16

The contract of sale can be made for _______ goods.

Test: Business Laws - 2 - Question 17

There was a contract of sale of goods but the seller did not have the possession of goods. Subsequently, the buyer became insolvent without making the payment. Who will get the control of goods?

Test: Business Laws - 2 - Question 18

An offer may be

Test: Business Laws - 2 - Question 19

A minor can never be

Test: Business Laws - 2 - Question 20

A contract which is not made in written or in words is called

Test: Business Laws - 2 - Question 21

Who among the following is not disqualified from contracting?

Test: Business Laws - 2 - Question 22

Who among the following can be a partner in a new firm?

Test: Business Laws - 2 - Question 23

Which of the following can be the members of partnership business?

Test: Business Laws - 2 - Question 24

A contract where all the parties have fulfilled their obligations is called _______ contract.

Test: Business Laws - 2 - Question 25

Which of the following contracts attract punishment under the law?

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