Class/Course - CA - CPC

Subject - Mercantile Laws

Total Number of Question/s - 3258

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  • 1. Nature of Contracts - Quiz

    1. --------- contracts are also called contracts with executed consideration.
    a) Unilateral
    b) Completed
    c) Bilateral
    d) Executory

    2. If the transaction is illegal, collateral transactions are:
    a) Void
    b) Illegal
    c) Unenforceable
    d) None of these

  • 2. Consideration - Quiz

    1. A who was badly in need of money offered to sell his piano worth Rs. 8,500 to B for Rs. 5,000. B refused to buy. A gradually lowered his price until Rs. 2500 was reached, which B accepted. Before the piano was delivered A received an offer of a larger sum from X and he refused to carry out the contract with B claiming that the consideration was inadequate. Is a liable to pay damages to B for failure to carry out his part of contract?
    a) No, as the consideration was inadequate A cancelled the contract
    b) Yes, A is liable to pay damages to B for failure to carry out his part of the contract
    c) No, as the contract was made due to Undue Influence
    d) Any of the above

    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. A contract with resident of an enemy country is :
    a) Illegal
    b) Void
    c) Valid
    d) Voidable

    2. Match list I with list II and select the correct answer from the code given below the lists: 
           LIST I                                     LIST II
    A. Contract opposed to              1. Contract of insurance 
         public policy 
    B. Agreement where object        2. Agreements hostile to 
         is  uncertain                             freindly states
    C. Intention to create legal         3. Void and Unenforceable
    D. Contracts of utmost               4. Essential element for 
         good faith                                  valid contract
    a) A -1, B-4, C-3, D-2
    b) A-4, B-2, C-1, D-3
    c) A-2, B-1, C-3, D-4
    d) A-2, B-3, C-4, D-1

  • 4. Performance of Contract - Quiz

    1. Contractual impossibilities are known as?
    a) Initial
    b) Absolute
    c) Supervening
    d) None.

    2. Incase of death of a joint promisor (s), the promisee can :
    a) Not enforce the contract against the survivor (s) of the said joint promisor (s)
    b) Enforce the contract against the survivor (s) of the said joint promisor (s)
    c) Not enforce the contract at all
    d) Both (a) & (b)

  • 5. Breach of Contract - Quiz

    1. Specific Performance may be ordered by the court when:
    a) Damages are an adequate remedy
    b) Damages are not an adequate remedy
    c) Defaulting party is not ready to pay damages
    d) Contract is not voidable

    2. Sometimes a party is entitled to claim compensation in proportion to work done by him. This is possible by a suit for:
    a) Damages
    b) Injunction
    c) Quantum meruit
    d) None of these

  • 6. Contingent and Quasi - Contracts - Quiz

    1. Contract the performance of which depends upon happening of an event is called ____.
    a) Absolute
    b) Quasi
    c) Contingent
    d) Illegal

    2. A says to B that he will give Rs. 500 to him if it rains and if doesn’t rain B will give him Rs. 500. Which type of contract is this?
    a) Wagering contract
    b) Contingent contract
    c) Valid contract
    d) Quasi contract

  • 7. Formation of Contract of Sale - Quiz

    1. X agrees to deliver in future 100 computer sets for Rs. 30 lakhs in exchange of 200 fridge sets worth Rs. 40 lakhs and Rs. 60,000 in cash. This is a :
    a) Barter
    b) Agreement to sale
    c) Executed contract of sale
    d) Sale

    2. In case of sale of standing trees, the property passes to the buyer when trees are:
    a) Felled and ascertained
    b) Not felled but earmarked
    c) Counted and ascertained
    d) Both (b) and (c)

  • 8. Conditions and Warranties - Quiz

    1. In the contract of sale of goods, implied condition is :
    a) Essential to the main purpose of the contract.
    b) Collateral to the main purpose of the contract.
    c) Desirable to the main purpose of the contract.
    d) Essential and collateral to the main purpose of the contract.

    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. There was a contract to supply waste coal and ash for the next six months, as and when the waste is generated by the seller’s factory.
    The buyer paid the lump sum price for the next six months in advance. When does the property in the goods pass to the buyer?
    a) After the lapse of six months period
    b) At the time of entering into the contract
    c) At the time of paying advance money
    d) As and when factory discharges waste

    2. There cannot be a valid transfer of property in the goods which are sold by infringing a :
    a) Copyright
    b) Trade mark
    c) Patent Right
    d) All the above

  • 10. Unpaid Seller - Quiz

    1. When an unpaid seller, who has exercised his right of lien or stoppage in transit, re-sells the goods:
    a) The buyer dies not acquires a good title to the goods as against the original buyer
    b) The buyer acquires a good title to the goods as against the original buyer
    c) The seller does not have a right to sell
    d) None of the above

    2. When the unpaid seller has parted with the goods to a carrier and the buyer has become insolvent, he can exercise:
    a) Right of lien
    b) Right of resale
    c) Right of stoppage in transit
    d) None of the above

  • 11. General Nature of a Partnership - Quiz

    1. Prior to enactment of The Indian Partnership Act, 1932, the law relating to partnership in India were embodied in
    a) Companies Act
    b) Chapter XI of The Indian Contract Act
    c) Hindu Law
    d) Chapter X of The Indian Contract Act

    2. A partnership for which no duration is fixed is known as------.
    a) Particular Partnership
    b) Partnership at will
    c) Fixed term partnership
    d) Limited Partnership

  • 12. Relations of Partners - Quiz

    1. Which of the following is not covered by the term “ Property of the firm”
    a) Property and rights and interest in property originally brought into the stock of the firm
    b) Property acquired by or for the firm
    c) Goodwill of the business
    d) Property of the partners

    2. Every partner is bound to attend _______ to his duties in the conduct to the business.
    a) Systematically
    b) Sincerely
    c) Diligently
    d) Effectively

  • 13. Registration and Dissolution of a Firm - Quiz

    1. On Dissolution the partners remain liable until
    a) Public notice is given
    b) The registrar strikes off the name
    c) Partners dues are paid off
    d) Accounts are settled

    2. An unregistered firm may institute a suit if the value of the suit does not exceed:-
    a) Rs. 100
    b) Rs. 1,000
    c) Rs. 10,000
    d) Rs. 1, 00,000