Top 150+ Solved Business Regulations MCQ Questions Answer
Q. In which of the following circumstances a contract can be treated as discharged under the concept of supervening impossibility?
a. spurt in prices
b. change in import policy
c. non-receipt of raw material from the supplier
d. shortage of working capital
Q. General offer can be accepted by
a. any person
b. specific person
c. any person having notice of it
d. none of these
Q. Which of the following does not constitute valid acceptance
a. it has been communicated
b. it is absolute and unqualified
c. it has been presumed from silence of offeree
d. the offer has been accepted by the proper person
Q. Which of the following is not the legal requirements of a valid offer
a. it must be communicated to the offeree
b. it must be made with a view to obtain offeree's assent
c. it must express offeree's final willingness
d. it must be made to a specific person and not to public at large
Q. As a general rule, an agreement made without consideration is
a. void
b. valid
c. voidable
d. unlawful
Q. An agreement made with free consent to which the consideration is lawful but inadequate, is
a. void
b. valid
c. voidable
d. unlawful
Q. For the enforcement of a promise to pay a time-barred debt without consideration, which ofthe following condition is not required?
a. it must be in writing
b. it must be definite and express
c. it must be signed by the promisor
d. it must be registered in court of law
Q. A contract is discharged by the breach when a party to a contract
a. refuses to perform his promise
b. fails to perform his promise
c. disables himself from performing his part of the promise
d. all of the above
Q. Which of the following is incorrect?
a. the impossibility to perform a promise discharges the contract
b. a merger discharges the contract
c. an initial impossibility discharges the contract
d. all of the above
Q. The doctrine of impossibility of performance, rendering a contract void, is based on
a. a commercial impossibility
b. a supervening impossibility
c. just and reasonable ground
d. an unjust enrichment
Q. Because of supervening event, the promisor is excused from the performance of the contract.This is known as
a. a doctrine of frustration
b. an initial impossibility
c. a doctrine of ultra-vires
d. an operation of law
Q. Which of the following is correct?
a. a novation means making a new contract in the place of an old contract
b. an alteration means making a new contract in the place of an existing one
c. the performance of a contract is not a method of discharge of contract
d. all of the above
Q. _________ indicates that the parties are not further bound under the contract
a. waiver of a contract
b. breach of a contract
c. rescission of a contract
d. discharge of a contract
Q. X contracts to sell his scooter to Y for Rs. 50,000 and Y agrees to pay on delivery. Both theparties perform their promises. This is called
a. a waiver
b. breach of a contract
c. an attempted performance of contract
d. an actual performance of a contract
Q. Assignment by the operation of law takes place
a. by the mutual consent of the parties
b. by the will of either party
c. when the subject matter of a contract ceases to exist
d. by the death of a party to a contract