Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. Price must either be certain or definite or
a. determined by some method or criterion prescribed in the contract
b. by valuation of a third party
c. All the above
d. None of the above
Q. If a contract of sale stipulates that price will be fixed by a third party on valuation of the goods, and thethird party shows inability to do so, then,
a. the agreement is void
b. the buyer shall pay reasonable price
c. the buyer shall pay market price
d. the agreement is valid
Q. Where there is an agreement to sell goods on the price fixed by a third party on valuation, but the thirdparty refuses to do so, and the buyer appropriates part of the goods delivered to him.
a. the buyer shall pay reasonable price
b. the agreement is avoided
c. the buyer shall pay market price
d. none of the above
Q. The Sale of Goods Act, 1930 extends to the whole of India, except the state of—
a. Maharashtra
b. Jammu and Kashmir
c. Tamilnadu
d. Uttar Pradesh
Q. Right in rem implies:
a. a right available against the whole world
b. a right available against a particular individual
c. a right available against the Government
d. none of the above
Q. A void contract
a. is void from the very beginning
b. is valid in the beginning but becomes void later on
c. is enforceable at the option of one of the contracting parties only
d. none of the above
Q. A void agreement is one
a. which is forbidden by law
b. enforceable at the option of one of the parties
c. which is not enforceable by law
d. enforceable by law
Q. An agreement created by words spoken or written is called
a. express agreement
b. execute agreement
c. implied agreement
d. voidable agreement
Q. An agreement consists of reciprocal promises between the
a. Four parties
b. Six parties
c. Three parties
d. Two parties
Q. Which of the following statements is false
a. Law of contract is the whole law of obligations
b. Certain contracts must be in writing
c. All contracts are agreements
d. All illegal agreements are void
Q. Parol contracts are also know as
a. Simple Contract
b. Format Contract
c. Void Contract
d. Conditional contract
Q. Which of the following contracts are not recognized by Indian Contract Act, 1872?
a. Recognizance
b. Court Judgment
c. Contract under seal
d. All the above
Q. Which of the following statements is false in respect of formal contract?
a. It should be in a particular form
b. It should be in writing and witnessed
c. It should have consideration
d. Consideration is not necessary
Q. Under the English law which of the following are recognized as formal contract
a. Recognizance
b. Contract under seal
c. Parol contracts
d. Both (a) and (b)
Q. An offer made by words spoken or written is called:
a. Implied offer
b. Express offer
c. Formal agreement
d. Informal agreement