Top 150+ Solved Business Regulations MCQ Questions Answer
Q. When one of the parties is under a mistake as to a matter of fact essential to the agreement, itis called
a. unilateral mistake
b. bilateral mistake
c. partial mistake
d. incomplete mistake
Q. The maxim ‘Ignoranlia juris non excusa’ stands for
a. law will not punish ignorant people
b. law will punish illiterate people
c. ignorant people can excuse law
d. ignorance of law of land is no excuse
Q. The case of ‘no consent’, i.e., when there is no consent at all, is described by Salmond as
a. error in causa
b. error in consensus
c. consensus ad idem
d. offer and acceptance
Q. Capacity to contract means
a. the parties are financially sound to make contracts
b. the parties are physically able to enter into contracts
c. the parties are legally competent to enter into contracts
d. all of the above
Q. Competence to contract means
a. age of the parties
b. soundness of the mind of the parties
c. both (a) & (b)
d. intelligence of the parties
Q. A minor’s agreement is void. This was held in the case of
a. mohiri bibee vs. dharmadas ghosh
b. salma begam vs. jan mohamed khan
c. balfour vs. balfour
d. chinnaiya vs. ramaiya
Q. A minor can be
a. ratify his agreement after attaining majority
b. be directed by the court for specific performance of the contract
c. always plead his minority
d. be held liable for cheques issued by him
Q. A minor’s guardian is not liable to the creditor for breach of contract by the minor, if thecontract is for __________
a. supply of necessaries
b. supply of non-necessaries
c. supply of services
d. all of the above
Q. The doctrine of restitution refers to the restoration of property or goods, obtained by falserepresentation. This doctrine is
a. beneficial to minors
b. not applicable to minors
c. applicable to minors
d. none of the above
Q. A consideration in a contract
a. may be any thing
b. nothing in return
c. something in return
d. may be illusory
Q. An agreement not supported by the consideration is called
a. nudum pactum
b. an invalid consideration
c. ab initio
d. namo dat quod non habet
Q. The consideration is to be moved sometime after the formation of a contract, it is known as
a. present consideration
b. executory consideration
c. past consideration
d. executed consideration
Q. The term privity of contract means
a. stranger to contract
b. contract is private
c. first party to contract
d. second party to contract
Q. A proposal may consist of a promise for
a. doing an act
b. abstaining from doing an act
c. either (a) or (b)
d. returning the consideration