Top 150+ Solved Business Regulations MCQ Questions Answer
Q. The original contract needs not to be performed, if there is
a. rescission of contract
b. novation of contract
c. alteration of contract
d. all of the above
Q. Rescission of a contract means
a. the termination of the contract
b. the renewal of the contract
c. the alteration of the contract
d. the substitution of the new contract in the place of the earlier one
Q. When the parties mutually agree to change certain terms of the contract. This is called
a. a rescission of the contract
b. the novation of a contract
c. an alteration of a contract
d. a remission of a contract
Q. If a person accepts a lesser sum of money than what was contracted for, in the discharge ofthe whole debt, it is known as
a. a waiver
b. a remission
c. an alteration
d. a rescission
Q. Intentional relinquishment of a right under the contract is called
a. a waiver
b. a breach
c. a rescission
d. an alteration
Q. Where a party to contract transfers his rights under the contract to another person, it is legallyknown as
a. novation of a contract
b. rescission of a contract
c. waiver of a contract
d. assignment of a contract
Q. Performance of a contract means
a. fulfilling all the obligations by the promisee
b. fulfilling all the obligations by the promisor
c. performing all the promises, and fulfilling all the obligations by all the parties
d. both (a) & (b)
Q. Offer to perform is called
a. attempted performance
b. caveat emptor jus in rem
c. jus in personam
d. jus in rem caveat emptor
Q. Which is not the essential of a valid tender?
a. tender must be conditional
b. tender must be made at a proper place
c. tender must be for obligation
d. tender must be made at proper time
Q. The offer to perform the contract must be
a. unconditional
b. conditional
c. rational
d. provisional
Q. The promises forming consideration for each other are called
a. reciprocal promises
b. mutual promises
c. independent promises
d. none of the above
Q. Ex turpi causa non oritur action means?
a. from an illegal cause, no action arises
b. from an illegal cause action may arises
c. from an legal cause action may arises
d. from an legal cause action may not arises
Q. Consideration and object of an agreement is unlawful if it
a. is fraudulent
b. is possible
c. is impossible
d. all of the above