Class/Course - CA - CPC

Subject - Mercantile Laws

Total Number of Question/s - 3258

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  • 1. Nature of Contracts - Quiz

    1. A asks B a watch repairer, to repair his watch without forming any contractual relationship, still a legal relationship has arisen and it will create ________.
    a) Express Contract
    b) Implied Contract
    c) Tacit Contract
    d) Formal Contract

    2. In case of illegal agreements, the collateral agreements are :
    a) Valid
    b) Voidable
    c) Void
    d) None

  • 2. Consideration - Quiz

    1. Consideration is defined in the Indian Contract Act, 1872 in:
    a) Section 2(f)
    b) Section 2(e)
    c) Section 2(g)
    d) Section 2(d)

    2. Consideration in India is:
    a) Past consideration
    b) Present consideration
    c) Future consideration
    d) Past, Present or future consideration

  • 3. Other Essential Elements of a Valid Contract - Quiz

    1. A, B and C are partners in a firm. When C retires, A and B restrict C not to do the same business for 3 years. The contract is:
    a) Valid
    b) Voidable
    c) Void
    d) None

    2. Where the pre – assumption of “ Undue Influence” does not exists :
    a) Husband & Wife
    b) Father & Son
    c) Teacher & Student
    d) Doctor & Patient

  • 4. Performance of Contract - Quiz

    1. W, a singer enters into a contract with M, the manager of a theatre, to sing at his threatre for two nights in every week during the next two months and M engages to pay her Rs. 5 Lacs for each night’s performance. On the 7th night, W willfully absents herself from the theatre :
    a) M cannot put an end to the contract
    b) The contract is unlawful
    c) M is at liberty to put an end to the contract
    d) The contract is left at the liberty of W

    2. A contract can be discharged by:
    a) Mutual agreement and performance
    b) Lapse of time and operation of law
    c) Breach of contract
    d) All of these

  • 5. Breach of Contract - Quiz

    1. In case of a breach of contract the remedy available to the aggrieved party is:
    a) Suit for recession
    b) Suit for damages
    c) Suit for specific performance
    d) All of the above.

    2. The remedies open to a person, suffering from breach of contract are:
    a) Suit for Damages
    b) Suit for Injunction
    c) Suit upon Quantum Meruit
    d) All of these

  • 6. Contingent and Quasi - Contracts - Quiz

    1. A agrees to pay Rs. 1,000 to B if it rains. B promises to pay a like amount if it does not rain. The agreement is:
    a) Quasi Contract
    b) Contingent contract
    c) Wagering contract
    d) Voidable contract

    2. The Contract of General Insurance is :
    a) Contingent
    b) Valid
    c) Voidable
    d) None of these

  • 7. Formation of Contract of Sale - Quiz

    1. Actionable claims are claims which are enforced only by.
    a) Action
    b) Suit
    c) (a) or (b)
    d) None of the above

    2. Which of the following is not an essential element of a contract to sale?
    a) Existence of essential elements of a valid contract
    b) Payment of price at the time of contract
    c) Subject matter of contract must be goods
    d) Two parties i.e. seller and buyer.

  • 8. Conditions and Warranties - Quiz

    1. Merchantable quality of goods means:
    a) Goods are free from latent defects
    b) Goods are marketable at their full value
    c) Goods can be used for the purpose for which those are purchased
    d) All of the above

    2. Implied conditions include:
    a) Conditions as to title
    b) Condition in case of sale by description
    c) Condition in case of sale by sample
    d) All of these

  • 9. Transfer of Ownership and Delivery of Goods - Quiz

    1. When the dale is made, goods should be:
    a) Delivered to sellers place
    b) Delivered to the place of the buyer
    c) Only placed at the disposal of the buyer
    d) None

    2. The risk goods passes to the buyer when:
    a) The contract of sale is made
    b) Ownership in the goods is transferred to the buyer
    c) When the goods are delivered to the buyer
    d) When the buyer pays the full price.

  • 10. Unpaid Seller - Quiz

    1. The right of lien of unpaid seller comes to an end when_____.
    a) He delivers the goods to the carrier
    b) The buyer or his agent lawfully obtains possession of goods
    c) The seller waives his right of lien
    d) In all the above cases

    2. When the buyer gives price of the good and seller becomes insolvent then what remedy is available with the buyer against the goods and seller?
    a) Only ratable dividend in respect of price.
    b) Goods if property in goods has passed to buyer
    c) No claim on goods
    d) Either (a) or (b)

  • 11. General Nature of a Partnership - Quiz

    1. Partnership agreement can be:
    a) Oral
    b) Written
    c) Oral or written
    d) Written on stamp paper

    2. Johnson is employed as a controller finance in a partnership firm ABC & co. Johnson is entitled to a monthly salary of R.s 2 lacs and 20% of the profit only if profits of the firm exceed Rs. 1 crore in a year. State whether Johnson be called:
    a) Only a partner in the firm
    b) Only an employee of the firm
    c) a partner as well as employee of firm
    d) None of the above

  • 12. Relations of Partners - Quiz

    1. Public notice is not required when :
    a) There is admission of new partner
    b) There is retirement of any partner
    c) There is expulsion of any partner
    d) There is dissolution of the firm

    2. The implied authority of a partner in a firm does not empower him to :
    a) Open a bank account on behalf of the firm
    b) Engaging and discharging employees
    c) Accepting any amount of debts due to the partnership firm
    d) Enter into partnership on behalf of the firm

  • 13. Registration and Dissolution of a Firm - Quiz

    1. A non-registered firm can claim a set off of an amount not exceeding:
    a) Rs. 100
    b) Rs. 1,000
    c) Rs. 10,000
    d) Any amount

    2. When a partner’s capital account has a debit balance and he is unable to bring in necessary cash to make up the deficiency, it is called ____:
    a) Loss on dissolution of partnership
    b) Loss on dissolution of firm
    c) Loss arising out of partner’s insolvency
    d) Loss on distribution of assets