Business Accounting/Business Law solved MCQs Set 1 Sample Test,Sample questions

Question:
 A petient in a lunatic Asylum who is at intervals of sound mind :

1.May not contract.

2.May contract

3.May contact during those intervals when he is of sound mind.

4.May contract only after he becomes completely of sound mind .

Posted Date:-2022-09-04 11:57:06


Question:
 An agreement enforceable by law is

1.agreement

2.contract

3.offer

4.promise

Posted Date:-2022-09-04 11:06:49


Question:
 Every promise and every set of promises, forming the consideration for each other is an

1. agreement

2.offer

3.contract

4.acceptance

Posted Date:-2022-09-04 11:08:12


Question:
 In a contract of indemnity the right of the indemnifier is similar to that of the:

1.debtor

2.creditor

3.surety

4.agent

Posted Date:-2022-09-04 11:09:25


Question:
 In a contract of indemnity, minimum no of parties are

1.4

2.3

3.2

4.1

Posted Date:-2022-09-04 11:10:23


Question:
 In a standardized contract :

1. The individual has no choice but to accept and sign on

2.The individual must be protected in contract.

3. The agreement is without consideration.

4.None of the above.

Posted Date:-2022-09-04 11:54:17


Question:
 Protest for better security is done for publicity stunt.t

1.rue

2.false

3.attention

4.fun

Posted Date:-2022-09-04 11:50:39


Question:
 Public law includes _______law?

1.Middleman

2.Owner

3.None of these

4.Principal

Posted Date:-2022-09-04 12:57:00


Question:
 The voluntary transfer of possession from one person to another is called

1. Transfer

2.change of possession

3.Delivery

4.None of above

Posted Date:-2022-09-04 12:03:11


Question:
 What is the purpose behind the enactment of Sale of Goods Act, 1930?

1.To define the laws relating to the sale of goods

2. To consolidate and amend the laws relating to the sale of goods

3.To consolidate, amend and define the laws relating to the sale of goods

4. To define and amend the laws relating to the sale of goods

Posted Date:-2022-09-04 11:59:34


Question:
 Which is not the correct statement ?

1.If consent is the result of coercion, the agreement is

2.If a party is minor, the agreement is void .

3.If the object of an agreement is unlawful, the agreement is void.

4. If the consideration of an agreement is unlawful, the agreement

Posted Date:-2022-09-04 11:58:27


Question:
 Which of the following is not the right of an unpaid seller under Sale of Goods Act, 1930:

1.Right of lien on goods for the price while the goods are in possession of seller.

2.Right of stopping the goods in transit, in case of insolvency of buyer C. Right of resale as limited by the Act

3. Right of resale as limited by the Act

4.Right of withholding delivery where the property in the goods has passed to the buyer

Posted Date:-2022-09-04 12:04:29


Question:
A Bill of exchange contains —

1.Conditional undertaking

2.Unconditional undertaking

3.Unconditional order

4. Conditional order

Posted Date:-2022-09-04 12:16:37


Question:
A minor can be an _____________?

1.Surety

2.Partner

3.Agent

4.None of these

Posted Date:-2022-09-04 12:54:08


Question:
A person coming forward to accept after it has been dishonoured is called:

1. A. acceptor for honour

2. acceptor for paying

3.payment for honour

4.holder

Posted Date:-2022-09-04 11:18:54


Question:
A proposal may be revoked by different ways as are provided in which one of the followings section of the Contract Act 1872.

1.6

2.7

3.8

4. None of above

Posted Date:-2022-09-04 16:55:42


Question:
A proposal may be revoked by different ways as are provided in which one of the followings section of the Contract Act 1872.

1.6

2.7

3.8

4. None of above

Posted Date:-2022-09-04 16:55:42


Question:
A public company must have at least————- directors whereas a private company must have at least ——————-

1. 3;2

2.23

3.25

4.810

Posted Date:-2022-09-04 12:11:48


Question:
A sells, by auction to B a horse which A knows to be unsound. A says nothing to B about the horse unsoundness. A does :

1.Fraud

2.Misrepresentation

3. No fraud

4. Undue Influence

Posted Date:-2022-09-04 11:56:10


Question:
According to Contract Act, Select the true about the “Contract”?A. Legal Term
B. Binding agreement
C. Always in written

1.B only

2.A and B only

3.A, B and C

4.None of these

Posted Date:-2022-09-04 13:02:30


Question:
An agreement becomes a contract if :

1. It is by free consent of the parties.

2. Parties are competent

3.It is enforceable by law.

4. None of the above

Posted Date:-2022-09-04 11:53:24


Question:
An agreement that is caused by fraud, misrepresentation & coercion is _____?

1.Voidable

2.Partially Void

3.Valid

4.All of these

Posted Date:-2022-09-04 12:55:27


Question:
…….meeting is the first meeting of the members of the public company after

1.board

2.annual general

3.departmental

4.statutory

Posted Date:-2022-09-04 12:14:51


Question:
Bearer cheques are also known as------ cheques.

1.Crossed

2.General

3.Special

4.Open

Posted Date:-2022-09-04 12:06:21


Question:
Before the enactment of Sale of Goods Act, the provisions regarding Sale of

1. Indian Contract Act, 1872

2.Indian Registration Act, 1908

3. Transfer of Property Act, 1882

4.Indian Partnership Act, 1932

Posted Date:-2022-09-04 12:01:34


Question:
Cheque can be of types and crossing of cheques can be of types.

1. three, two

2. two, two

3. two, three

4. three, three

Posted Date:-2022-09-04 12:10:07


Question:
Contingent goods belongs to _______ goods?

1.Existing

2.Future

3.Contingent

4.None of these

Posted Date:-2022-09-04 12:59:06


Question:
Document of title includes

1.business reports

2.railway receipt

3.cash memo

4.email

Posted Date:-2022-09-04 11:17:31


Question:
Future goods means goods to be manufactured or produced or acquired by the seller

1. In future prescribed time

2.after making of contract

3.before making of contract

4. none of the above

Posted Date:-2022-09-04 12:05:29


Question:
Holder in due course means any person-

1. A. Drawing the instrument

2.who for consideration became the possession of promissory note

3. to whom order the money is directed to paid

4. none of the Above

Posted Date:-2022-09-04 12:09:07


Question:
How many ways for revocation of proposal, according to the section 6 of the Contract Act, 1872

1.2

2.3

3.4

4.None of the above

Posted Date:-2022-09-04 16:57:37


Question:
In general, Partnership entails which one of the following liability?

1.Unlimited Liability

2. Limited Liability

3.No Liability at all

4.Both A and C

Posted Date:-2022-09-04 13:03:58


Question:
Is voidable contract?

1.Partly valid agreement

2. An illegal agreement

3.All of these

4.None of these

Posted Date:-2022-09-04 13:00:28


Question:
Law is either private law or _________ law.

1.Public

2.Private

3.Family

4.None of these

Posted Date:-2022-09-04 12:38:32


Question:
Memorandum of Association does notinclude.

1.SubscriptionClause.

2.Capital Clause.

3. Liability Clause

4.Assets Clause.

Posted Date:-2022-09-04 12:17:18


Question:
Public law includes _______law?

1.Administrative

2.Constitution

3.Criminal

4.All of these

Posted Date:-2022-09-04 12:58:16


Question:
Quorum for general meeting for private and public companies.

1.2 and 5.

2.3 and 6

3.5 and 7.

4.None of the above

Posted Date:-2022-09-04 12:18:27


Question:
Reciprocal represent the meaning of

1.One sided contracts

2.Trilateral contracts

3.Bilateral contracts

4.None of these

Posted Date:-2022-09-04 16:52:00


Question:
Sameed proposes by letter to sell a house to Shahzeb. When the Communication of the proposal in between Sameed and Shahzeb is complete?

1.When Sameed make such proposal

2.When Shahzeb accepts the proposal

3.Both (A) and (B)

4.None of above

Posted Date:-2022-09-04 17:09:48


Question:
Sameed proposes by letter to sell a house to Shahzeb. When the Communication of the proposal in between Sameed and Shahzeb is complete?

1. A. When Sameed make such proposal B.C. D.

2. When Shahzeb accepts the proposal

3.Both (A) and (B)

4.None of above

Posted Date:-2022-09-04 17:14:58


Question:
Section 2(1) of Sale of Goods Act defines ‘buyer’ as:

1.Person who buys goods and services

2.Person who agrees to buy goods

3.Person who buys or agrees to buy goods

4.Person who buys or agrees to buy goods and services

Posted Date:-2022-09-04 12:00:30


Question:
Select the best of partnership that entails more legal benefits?

1.Unlimited Liability Partnership

2.Limited Liability Partnership

3.Ordinary Partnership

4. None of these

Posted Date:-2022-09-04 16:50:12


Question:
Seller is a person who

1.sells

2.buys

3.debtor

4.transferee

Posted Date:-2022-09-04 11:15:31


Question:
The correct sequence in the formation of a contract is :

1. Offer, acceptance, agreement, consideration.

2.Agreement, consideration, offer,acceptance.

3.Offer , Consideration, acceptance, agreement.

4. Offer,acceptance, consideration, agreement.

Posted Date:-2022-09-04 11:55:32


Question:
The Income and Expenditure Account is a summary of cash transactions.Sol:

1.True

2.False

3.none

4.all

Posted Date:-2022-09-04 12:35:05


Question:
The person which is represented as an agent ______?

1.Middleman

2.Owner

3.None of these

4.Principal

Posted Date:-2022-09-04 12:56:14


Question:
The registered office clause of memorandum of association contains

1. The name of the state in which the registered office of the company is to

2.The name of the city/town only and not that of the state.

3.The name of registrar of companies

4. The complete postal address.

Posted Date:-2022-09-04 12:13:03


Question:
The sale of goods act is of:

1.1903

2.1923

3.1930

4.1932

Posted Date:-2022-09-04 11:14:47


Question:
The Section 5 of the Contract Act, deals with which one of the followings;

1.Communication of contract B. C. D. None of above

2.Revocation of proposals and acceptances

3.Acceptance of contracts

4.Revocation of proposals and acceptances

Posted Date:-2022-09-04 17:05:35


Question:
What are the limits of number of members in a Private Company?

1.Fifty

2.Seven

3.Twenty

4.Two hundred

Posted Date:-2022-09-04 12:10:58


Question:
What do you mean by symbolic possession?

1.Delivery of keys of lock of godown where the goods

2.Conditional promise to delivery.

3. Actual Delivery.

4.None of the above

Posted Date:-2022-09-04 12:19:22


Question:
What does Caveat emptor means?

1.beware agent

2.beware customer

3.beware trader

4. beware seller

Posted Date:-2022-09-04 12:32:21


Question:
When an instrument is lost, it is presumed that it was duly stamped

1. true

2.false

3.not inchoate

4.inchoate

Posted Date:-2022-09-04 11:51:30


Question:
Which documents contains the regulations relating to the internal management of a

1. Memorandum of Association

2.Articles of Association

3. Both (a) and (b)

4.None

Posted Date:-2022-09-04 12:13:51


Question:
Which of the following cannot be said to be included in the term “goods” defined under section 2(7) of the Sale of Goods

1.Stock

2.Shares

3.Growing crops

4.Actionable claims

Posted Date:-2022-09-04 12:02:20


Question:
Which of the following is not a negotiable instrument

1. Bill of exchange and cheque

2. Postal Order & Currency note

3.Promissory note and cheque

4. Promissory note & Bill of exchange

Posted Date:-2022-09-04 12:07:18


Question:
Which one of the following element is notnecessary for a contract ?

1.Competent parties

2.Reasonable terms and conditions

3.Free consent

4. Lawful concentration

Posted Date:-2022-09-04 11:52:21


Question:
Which one of the following is the agreement that is ceases to be enforceable by law becomes void when it ceases to be enforceable?

1.Valid contract

2.Void contract

3.Voidable contract

4.None of the above

Posted Date:-2022-09-04 17:07:15


Question:
Which one of the following is the agreement that is enforceable by law?

1.Contract

2. An agreement

3. Both (a) and (b)

4.None of above

Posted Date:-2022-09-04 17:04:17


Question:
Which one of the following is the agreement that is not enforceable by law is?

1.Valid agreement

2.Void agreement

3.Voidable agreement

4.None of above

Posted Date:-2022-09-04 17:02:50


Question:
Who can endorse the negotiable

1. Maker of the

2.older of the

3.Drawee

4.Both of A and B

Posted Date:-2022-09-04 12:15:52


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