Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. An essential element of a contract of sale is
a. transfer of ownership in goods
b. delivery of goods
c. both 'a' and 'b'
d. either 'a' or 'b'
Q. Where under a contract of sale the property in goods is transferred from the seller to the buyer, thecontract is called.
a. an agreement to sell
b. a sale
c. both 'a' and 'b'
d. either 'a' or 'b'
Q. Where under a contract of sale the property in goods is to be transferred at a future time, the contract iscalled.
a. an agreement to sell
b. a sale
c. neither 'a' nor 'b'
d. both 'a' and 'b'
Q. A valid sale must have two parties who
a. must be competent to contract
b. may not be competent to contract
c. must be Indian citizens
d. must be residents of the same state
Q. In a valid sale
a. absolute ownership must be transferred to the buyer.
b. absolute ownership with the goods must be transferred to the buyer
c. conditional transfer of ownership to the buyer
d. contingent transfer of ownership to the buyer
Q. The subject matter of a valid sale are such goods which are
a. transferred by seller to the buyer for a price
b. transferred by succession
c. transferred by a will
d. transferred by a buyer to the seller
Q. An agreement to sell is
a. an executory contract
b. an executed contract
c. neither 'a' or 'b'
d. sometime 'a' or 'b'
Q. An 'agreement to sell' becomes 'sale' when
a. the conditions are satisfied
b. the parties agree to change the terms of agreement
c. when the court orders
d. when the agreement is in writing
Q. 'Goods' as defined in Sale of Goods Act willinclude
a. rare coins, goodwill and money
b. growing crops agreed to be severed before sale, old coins, and copyrights
c. goodwill, copyright, patent and foreign currency
d. both 'b' and 'c'
Q. Specific goods are such goods which are
a. existing and identified at the time of making the contract
b. identified after the making of contract but before the performance of contract
c. both 'a' and 'b'
d. neither 'a' nor 'b'
Q. 'Future goods'
a. can be the subject matter of sale
b. cannot be subject matter of sale
c. sometimes may be the subject matter of sale
d. depends on circumstances
Q. Where a contract of sale purports to effect a present sale of future goods, the contract operates as
a. a sale
b. an agreement to sell
c. both 'a' and 'b'
d. all the above
Q. Where there is a contract for the sale of specific goods, and the goods perish before the making ofcontract, without the knowledge of the seller, the contract is
a. voidable at the option of the buyer
b. void
c. illegal
d. unenforceable
Q. When there is a contract for unascertained goods, and goods perish without the fault of the seller or buyerbefore the risk passes to the buyer, the contract
a. can be avoided
b. cannot be avoided
c. becomes void
d. becomes unenforceable
Q. To constitute a Contract of Sale, the transfer of property in goods
a. must be for monetary consideration
b. may be for non-monetary consideration
c. must be for both monetary and nonmonetary consideration
d. may be either monetary or non monetary consideration