Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. A party who suffers loss as a result of breach of contract, can, in the usual course, claim
a. Ordinary damages
b. Special damages
c. Exemplary damages
d. Penal damages
Q. A party to a contract committing breach, is liable to pay compensation in respect of
a. The direct consequences flowing from the breach
b. Loss or damage caused indirectly
c. Losses caused whether directly or indirectly
d. Losses caused remotely
Q. A party who does not suffer any loss in case of breach of contract, is entitled to
a. Statutory damages
b. Liquidated damages
c. Exemplary damages
d. Nominal damages
Q. Which one of the following is relevant in normal circumstances in determining the amount of damages forbreach of contract?
a. Normally expected loss
b. Difference between market price and contract price
c. Sudden closure of production
d. Additional expenses for procuring the goods
Q. Which one of the following statements explains correctlv the law of frustration?
a. Frustration is the result of appellant's own choice
b. The legal effect of frustration depends on the intention of the promisor
c. Frustration does not exterminate the contract for all purposes
d. Waiver of frustration by one party does not bind the other party (promisor) for the remaining part of the contract
Q. In India, the doctrine of impossibility of performance rendering contracts void is based on
a. The theory of implied term
b. The theory of just and reasonable solution
c. Supervening impossibility as laid down in I Section 56 of the Indian Contract Act
d. Principle of unjust enrichment
Q. If the performance of contract becomes impossible, because of a supervening event, the promisor is excused from the performance. This is known as
a. Doctrine of estoppels
b. Doctrine of frustration
c. Doctrine of eclipse
d. Doctrine of Caveat emptor
Q. Damages awarded with a view to punish the party who commits the breach of contract are known as
a. Liquidated damages
b. Punitive damages
c. Special damages
d. General damages
Q. The code governing sale of goods was earlier contained in
a. the Indian Contract Act
b. the Transfer of Property Act
c. the Hire Purchase Act
d. None of the above
Q. The Sale of Goods Act, 1930 governs the transfer of property in
a. movable property
b. immovable property
c. both movable and immovable property
d. all type of properties
Q. "Goods" means
a. every kind of movable property other than actionable claims and money
b. some kinds of immovable property only
c. every kind of movable property including actionable claims and money
d. Both 'a' and 'b'
Q. Which one of the following does not connote 'goods' as defined in the Sale of Goods Act.
a. Money
b. animals
c. debt
d. both 'a' and 'c'
Q. Which of the following is/are not included in the meaning of 'goods' as defined in the Sale of Goods Act.
a. stocks and shares
b. actionable claims
c. legal tender money
d. both 'b' and 'c'
Q. A contract of sale of goods is a contract whereby
a. the seller transfers the property in goods to the buyer for a price.
b. the seller delivers the goods to the buyer in exchange of certain goods.
c. the seller transfers or agrees to transfer the property in goods to the buyer for a price.
d. the seller gives possession of goods to the buyer
Q. A valid contract of sale
a. includes 'an agreement to sell'
b. does not include 'an agreement to sell'
c. includes hire purchase contract
d. includes contract a work and labour