Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. An agreement to agree in future upon terms to be settled afterwards between the parties is
a. Valid
b. Not valid
c. Illegal
d. Voidable
Q. Acceptance once given cannot be revoked
a. True
b. False
c. Incomplete information
d. None of the above
Q. A tender and a bid at an auction sale are
a. Not offers
b. Offers
c. Acceptance of the offer
d. Invitation to offer
Q. A contract is formed when the acceptor
a. has done something to signify his intention
b. makes his mind to do so
c. reads the offer
d. all the above
Q. If the offeree does not accept the offer according to the mode prescribed, then
a. The offeror may accept or reject such acceptance
b. The offer lapses automatically
c. It is a counter offer
d. Offeree commits a breach of contract
Q. When the mode of acceptance is prescribed in the proposal then
a. It need not be accepted in that manner
b. It should be accepted in that manner
c. No matter how the acceptance is given
d. Acceptance can be given in usual or reasonable manner
Q. Acceptance takes place when and where the message is received
a. True
b. False
c. Incomplete information
d. None of the above
Q. The term 'proposal' used in the Indian Contract Act is synonymous with the term
a. Contract
b. Offer
c. Agreement
d. None of these
Q. On attaining majority when the minor partner elects not to become a partner, his share is not liable for any acts of the firm done —
a. After his admission to benefits of partnership
b. After the date of giving public notice
c. After the date of attaining majority
d. After the date of dissolution of firm
Q. A minor, before attaining the age of majority, has the right to:
a. Receive agreed share of property and of profits of the firm
b. Access and to inspect the accounts of the firm
c. Sue the firm for his share of property or profits if he wants to sever his connection with the firm
d. All of the above
Q. When a minor on attaining the age of majority, has elected to become a partner, he becomes personally liable to third parties for all the acts of the firm from the date of his:
a. Decision to become a partner
b. Attaining the age of majority
c. Admission to the benefits of the firm
d. Attaining majority or decision to become a partner, whichever is earlier
Q. 'Act of a firm' in the Partnership Act means:
a. Authorized acts
b. Any such act or omission which give rise to a right enforceable by or against the firm
c. Such acts which do not give rise to a right enforceable by or against the firm
d. Actual acts