Class/Course - CA - CPC

Subject - Mercantile Laws

Total Number of Question/s - 3258

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  • 1. Nature of Contracts - Quiz

    1. Under the Indian Contract Act, 1872, the enforceability at Law of an agreement requires:
    a) Lawful agreement
    b) Lawful consideration
    c) Free consent of the parties to the agreement
    d) All of the above

    2. B son is lost. A goes in search of B son. Meanwhile, B makes an offer to pay Rs. 1,000 to the finder of his son. A finds B son. Can A claim Rs. 1,000 from B?
    a) yes, A has found B son
    b) No, A had no knowledge of the offer
    c) No, A is hired by B.
    d) None of these

  • 2. Consideration - Quiz

    1. Which of the following is not an exception to the rule, No consideration, No contract:
    a) Natural love and affection
    b) Compensation for involuntary services
    c) Completed gift
    d) Agency

    2.  Past consideration is valid in:
    a) England Only
    b) India only
    c) Both
    d) None

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

    1. In Coercion _________pressure is applied.
    a) Physical
    b) Mental
    c) Both (a) and (b)
    d) None of these

    2. An illiterate old woman made a gift deed for practically her entire property to her nephew who managed her affairs. The gift can be set aside on the grounds of :
    a) Mistake
    b) Coercion
    c) Fraud
    d) Undue Influence

  • 4. Performance of Contract - Quiz

    1. Commercial Impossibility does not make the contract _________.
    a) Valid
    b) Void
    c) Illegal
    d) Voidable

    2. The process by which one person succeeds rights interest and benefits and obligations of another person is termed as:-
    a) Assignment
    b) Succession
    c) Remission
    d) Recission.

  • 5. Breach of Contract - Quiz

    1. In which of the following cases a claim is not enforceable on the ground of quantum meruit?
    a) A is engaged by B to write a book to be published in instalments in weekly magazine. The magazine is abandoned after a few issues
    b) A is employed as a managing director in a company. After he renders service for sometime it is found that the directors were not qualified to appoint him as such
    c) A undertakes to build a house for B for Rs. 25,000, but after having done half the work he abandons the contract. B afterwards completes the house
    d) A decorates B's flat and fits a wardrobe and a book-case for a lump sum of Rs. 15,000. The work is done but B complaints of faulty workmanship

    2. Breach of contract on the due date is known as:
    a) Anticipatory Breach
    b) Actual Breach
    c) Both ‘A’ and ‘B’
    d) None of the above

  • 6. Contingent and Quasi - Contracts - Quiz

    1. A principle which does not allows a person to retain unjust benefit at expense of another is known as ______
    a) Quasi contract
    b) Implied contract
    c) Unenforceable contract
    d) Voidable contract

    2. Under the Indian Contract act 1872 _________ is the essential characteristic of a Contingent Contract
    a) Performance to depend only upon happening of some event in future.
    b) Performance to depend only upon non-happening of some event in future.
    c) Performance is dependent upon both happening and non-happening of some event in future.
    d) None of the above.

  • 7. Formation of Contract of Sale - Quiz

    1. Q sells 100 tons of rice to P @ Rs. 50,000 per ton. P makes the full payment & says that he will pick the goods next week. Before P could pick the goods, the goods got destroyed. The loss will be borne by
    a) Q
    b) P
    c) Both P and Q equally
    d) None

    2. In an agreement to sell:
    a) Property passes to the buyer
    b) Property does not pass to the buyer
    c) Possession passes to the buyer
    d) None of the above

  • 8. Conditions and Warranties - Quiz

    1. A Condition is:
    a) Essential to main purpose of the Contract.
    b) Collateral to the purpose.
    c) Both main purpose and Collateral to the purpose
    d) Neither main purpose nor collateral to the purpose.

    2. X, contracts to buy from Y 1000 bags of cement. Y sends 1000 bags through truck. When cement arrives it becomes stone by the contract of rainwater. Can X reject the goods?
    a) Yes – breach of condition as to wholesomeness
    b) Yes – conditions as to merchantability
    c) No – Y never knew himself
    d) No – X should have seen it

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

    1. Which one of the following sales is valid?
    a) Sale by mercantile agent
    b) Sale by one of the Joint Owners
    c) Sale by a person in possession under avoidable contract where contract has not been rescinded at the time of sale.
    d) All of the above.

    2. Finder of Goods can sue the true owner of the goods for the :
    a) Expenses incurred in finding the true owner.
    b) Expenses incurred in preserving the goods.
    c) Reward announced by the owner if he had the knowledge of the reward.
    d) All of the above.

  • 10. Unpaid Seller - Quiz

    1. The minimum price below which the auctioneer will not sell the goods is called:
    a) Stock price
    b) Reserve price
    c) Upset Price
    d) Either (b) or (c)

    2. Right of lien means to _______:
    a) Regain possession of goods
    b) Retain possession of goods
    c) Give away possession of goods
    d) All of types

  • 11. General Nature of a Partnership - Quiz

    1. Johnson is an employee of ABC Ltd. He is entitled to a salary of Rs. 8,00,000 and entitled to a commission of 20%. If the profit in a year is Rs. 1 crore, then Johnson is:
    a) Employee
    b) Partner
    c) Both partner & Employee
    d) None of these

    2. In case of emergency a partner of the firm can act as.
    a) An agent of the firm
    b) A master of the firm
    c) An employee of the firm
    d) All of the above

  • 12. Relations of Partners - Quiz

    1. Mini was a partner in a firm. The firm ordered goods in Mini’s life time, but delivery was not made until after Mini’s death. The supplier of the goods claims to be paid out of Mini’s estate. Advise Mini’s representatives:
    a) Mini’s estate is not liable for the price in an action for goods sold and delivered, as there was no debt in respect of the goods in Mini’s life time
    b) Mini’s estate is not liable for the price in an action for goods sold and delivered
    c) Mini’s estate is liable as the firm ordered goods in Mini’s lifetime
    d) None of the above

    2. In the absence of any agreement to share the profit or losses of a firm’s business, profits or loses of the firm are shared by the partner’s:
    a) In the ration of their current account balances at the beginning of the accounting year
    b) In the ratio of their current account balances at the end of the accounting year
    c) Equally
    d) In the ratio of their capital balances in the accounting year

  • 13. Registration and Dissolution of a Firm - Quiz

    1. Application for registration of a Partnership Firm should be signed by _______.
    a) 2/3rd of the total number of partners
    b) At least 3/4th of the partners
    c) Any one of the partners
    d) All the partners.

    2. When an agreement to form a partnership is signed by all the partners, the document is called
    a) Promote
    b) Partnership deed
    c) Memorandum of Association
    d) None of the above.