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B Com Exam  >  B Com Tests  >  Test: Discharge of Contract - B Com MCQ

Test: Discharge of Contract - B Com MCQ


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10 Questions MCQ Test - Test: Discharge of Contract

Test: Discharge of Contract for B Com 2024 is part of B Com 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.
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Test: Discharge of Contract - Question 1
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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
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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.
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Test: Discharge of Contract - Question 3
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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
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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
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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
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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
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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
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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
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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
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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.
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