πŸ§ͺ Business Accounting MCQ Quiz Hub

Business Law solved MCQs Set 1

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An agreement enforceable by law is





βœ… Correct Answer: 2

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





βœ… Correct Answer: 3

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





βœ… Correct Answer: 3

In a contract of indemnity, minimum no of parties are





βœ… Correct Answer: 2

The sale of goods act is of:





βœ… Correct Answer: 3

Seller is a person who





βœ… Correct Answer: 1

Document of title includes





βœ… Correct Answer: 2

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





βœ… Correct Answer: 1

Protest for better security is done for publicity stunt.t





βœ… Correct Answer: 2

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





βœ… Correct Answer: 1

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





βœ… Correct Answer: 2

An agreement becomes a contract if :





βœ… Correct Answer: 3

In a standardized contract :





βœ… Correct Answer: 1

The correct sequence in the formation of a contract is :





βœ… Correct Answer: 4

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 :





βœ… Correct Answer: 3

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





βœ… Correct Answer: 3

Which is not the correct statement ?





βœ… Correct Answer: 1

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





βœ… Correct Answer: 4

Section 2(1) of Sale of Goods Act defines β€˜buyer’ as:





βœ… Correct Answer: 3

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





βœ… Correct Answer: 1

Which of the following cannot be said to be included in the term β€œgoods” defined under section 2(7) of the Sale of Goods





βœ… Correct Answer: 4

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





βœ… Correct Answer: 3

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





βœ… Correct Answer: 4

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 4

Which of the following is not a negotiable instrument





βœ… Correct Answer: 2

Holder in due course means any person-





βœ… Correct Answer: 2

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 4

A public company must have at leastβ€”β€”β€”β€”- directors whereas a private company must have at least β€”β€”β€”β€”β€”β€”-





βœ… Correct Answer: 1

The registered office clause of memorandum of association contains





βœ… Correct Answer: 1

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 4

Who can endorse the negotiable





βœ… Correct Answer: 4

A Bill of exchange contains β€”





βœ… Correct Answer: 3

Memorandum of Association does notinclude.





βœ… Correct Answer: 4

Quorum for general meeting for private and public companies.





βœ… Correct Answer: 1

What do you mean by symbolic possession?





βœ… Correct Answer: 1

What does Caveat emptor means?





βœ… Correct Answer: 2

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





βœ… Correct Answer: 2

Law is either private law or _________ law.





βœ… Correct Answer: 1

A minor can be an _____________?





βœ… Correct Answer: 3

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





βœ… Correct Answer: 1

The person which is represented as an agent ______?





βœ… Correct Answer: 4

Public law includes _______law?





βœ… Correct Answer: 4

Public law includes _______law?





βœ… Correct Answer: 4

Contingent goods belongs to _______ goods?





βœ… Correct Answer: 2

Is voidable contract?





βœ… Correct Answer: 4

According to Contract Act, Select the true about the β€œContract”?A. Legal Term B. Binding agreement C. Always in written





βœ… Correct Answer: 3

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





βœ… Correct Answer: 2

Select the best of partnership that entails more legal benefits?





βœ… Correct Answer: 1

Reciprocal represent the meaning of





βœ… Correct Answer: 2

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





βœ… Correct Answer: 1

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





βœ… Correct Answer: 3

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 1

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 2

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





βœ… Correct Answer: 2