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B Com Exam  >  B Com Tests  >  Test: Conditions and Warranties - B Com MCQ

Test: Conditions and Warranties - B Com MCQ


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10 Questions MCQ Test - Test: Conditions and Warranties

Test: Conditions and Warranties for B Com 2024 is part of B Com preparation. The Test: Conditions and Warranties questions and answers have been prepared according to the B Com exam syllabus.The Test: Conditions and Warranties MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Conditions and Warranties below.
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Test: Conditions and Warranties - Question 1
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Which of the following is NOT a part of a contract of sale?

Detailed Solution for Test: Conditions and Warranties - Question 1
Mere opinions do not form a part of a contract of sale. They are considered as representations but do not become stipulations in the contract. They are simply the personal opinions of the seller and do not give the buyer any right of action against the seller.
Test: Conditions and Warranties - Question 2
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What is the main difference between a condition and a warranty?

Detailed Solution for Test: Conditions and Warranties - Question 2
The main difference between a condition and a warranty is the remedy available to the aggrieved party in case of a breach. The breach of a condition gives the aggrieved party the right to terminate the contract, while the breach of a warranty gives the aggrieved party the right to claim damages but not the right to reject goods or terminate the contract.
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Test: Conditions and Warranties - Question 3
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Under what circumstances is a breach of condition treated as a breach of warranty?

Detailed Solution for Test: Conditions and Warranties - Question 3
A breach of condition is treated as a breach of warranty in three specific cases. First, when the buyer waives a condition, they cannot insist on its fulfillment. Second, when the buyer elects to treat the breach of condition as a breach of warranty and claims damages instead of repudiating the contract. Third, when the contract is not severable and the buyer has accepted the goods, the breach of any condition by the seller can only be treated as a breach of warranty.
Test: Conditions and Warranties - Question 4
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What are express conditions and warranties?
Detailed Solution for Test: Conditions and Warranties - Question 4
Express conditions and warranties are those that are specifically mentioned and agreed upon by both parties in the contract of sale. They are not implied by law but are explicitly provided in the contract. These conditions and warranties can be negotiated and agreed upon during the negotiation process.
Test: Conditions and Warranties - Question 5
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What is the implied condition as to title?
Detailed Solution for Test: Conditions and Warranties - Question 5
The implied condition as to title states that in the case of a sale, the seller has a right to sell the goods, and in the case of an agreement to sell, the seller will have a right to sell the goods at the time when the property is to pass. This condition ensures that the buyer receives goods with a clear title and protects them from any claims or disputes regarding ownership.
Test: Conditions and Warranties - Question 6
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What are implied conditions?
Detailed Solution for Test: Conditions and Warranties - Question 6
Implied conditions are those that are not explicitly mentioned in the contract but are automatically implied by law in every contract of sale. These conditions are automatically applicable unless a contrary intention appears from the terms of the contract. They are necessary to protect the interests of both the buyer and the seller.
Test: Conditions and Warranties - Question 7
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What is the implied condition in case of sale by description?
Detailed Solution for Test: Conditions and Warranties - Question 7
In a sale by description, there is an implied condition that the goods shall correspond with the description given by the seller. This means that the goods supplied must be the same as described by the seller. This condition applies in situations where the buyer purchases goods solely based on the description provided by the seller.
Test: Conditions and Warranties - Question 8
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What is the implied condition as to merchantable quality?
Detailed Solution for Test: Conditions and Warranties - Question 8
The implied condition as to merchantable quality states that when goods are bought by description from a seller who deals in goods of that description, there is an implied condition that the goods shall be of merchantable quality. This means that the quality and condition of the goods must be such that a man of ordinary prudence would accept them as the goods of that description.
Test: Conditions and Warranties - Question 9
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What is the implied warranty as to quiet possession?
Detailed Solution for Test: Conditions and Warranties - Question 9
The implied warranty as to quiet possession ensures that the buyer shall have and enjoy quiet possession of the goods. This means that the buyer will not face any interference or disputes regarding their ownership or possession of the goods. If there is any breach of this warranty, the buyer has the right to claim damages from the seller.
Test: Conditions and Warranties - Question 10
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What is the implied warranty of freedom from encumbrances?
Detailed Solution for Test: Conditions and Warranties - Question 10
The implied warranty of freedom from encumbrances ensures that the goods are free from any charge or encumbrance in favor of any third person, as long as the buyer is not aware of such charge or encumbrance. This warranty protects the buyer from any claims or liabilities attached to the goods and allows them to use and possess the goods without any hindrance. If there is a breach of this warranty, the buyer has the right to claim damages from the seller.
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