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. A promises is a :
    a) Consideration
    b) Contract
    c) An accepted proposal
    d) Proposal

  • 2. Consideration - Quiz

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

    2. Which One of the following statements is true.
    a) Consideration must move at the desire of the promisor.
    b) Consideration has to be complete and lawful.
    c) An Agreement with Out Consideration is Valid
    d) Past Consideration is no Consideration

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

    1. A master ask the servant to sell the goods to him at the price less than market price. The Contract can be avoided by the servant on the ground of___________.
    a) Coercion
    b) Fraud
    c) Mistake
    d) Undue influence

    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. Brown promises to sell his house to Crown for Rs. 20,00,000. Later on both of them agreed not to execute the deal; this is known as:-
    a) Novation
    b) Remission
    c) Recession
    d) Alteration.

    2. A enters into a contract with B for dancing at his theatre for three nights for a fee of Rs. 2,00,000. A dances for two nights and is faller ill. What remedy is available to B?
    a) B can repudiate the contract
    b) B can claim damages from A
    c) B is not bound to pay fees
    d) B cannot claim damages from A

  • 5. Breach of Contract - Quiz

    1. 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

    2. The damages awarded by way of punishment are:
    a) Vindictive damages
    b) Special damages
    c) Nominal damages
    d) Ordinary damages

  • 6. Contingent and Quasi - Contracts - Quiz

    1. __________Contracts are enforceable by future events.
    a) Contingent Contract
    b) Quasi Contract
    c) Conditional Contract
    d) Wagering Contract

    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. 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)

    2. In a contract of sale, the price may be:
    a) Fixed by the contract
    b) Agreed to be fixed in a manner thereby agreed
    c) Determined by course of dealings between the parties
    d) All of the above

  • 8. Conditions and Warranties - Quiz

    1. A milk vendor supplied X with milk, which contained typhoid germs. X got infected after consuming the milk. Is the milk vendor bound to pay damages?
    a) Yes, breach of condition as to wholesomeness
    b) Yes, conditions as to merchantability
    c) No, A never knew himself
    d) No, B should have seen it

    2. Merchantable quality of goods means:
    a) That the goods are free from latent defects
    b) That the goods are marketable at their full value
    c) That the goods can be used for the purpose for which they are bought by prudent persons
    d) All of these

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

    1. X purchased a DVD at a public auction. Neither Auctioneer nor X knew at that time that the DVD was a stolen property. In such case, true owner can:
    a) Recover the goods from X
    b) Sue the Auctioneer for fraud
    c) Both (a) and (b)
    d) Either (a) or (b)

    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. An auction sale is complete on the:
    a) Fall of hammer
    b) Delivery of good
    c) Payment of price 
    d) Both (b) and (c)

    2. Where the seller expressly reserves the right of resale in case the buyer makes a default. If there are losses to the seller, on a resale, the seller:
    a) Cannot claim the same form the buyer as damages
    b) Can claim the same from the buyer as damages
    c) Sue the buyer for not purchasing
    d) None of the above

  • 11. General Nature of a Partnership - Quiz

    1. True test of partnership is:
    a) Share of profits only
    b) Share of profits & losses
    c) Mutual agency
    d) None of these

    2. Under the Indian Partnership Act, 1932, in the absence of an agreement among the partners, profits of a firm shall be divided in the ratio of :
    a) Capitals contributed by the partner
    b) Equally among the partner
    c) Volume of business done by partner
    d) To be decided by the court

  • 12. Relations of Partners - Quiz

    1. Partnership property vests :
    a) In the partners of the firm
    b) In the firm itself
    c) In senior partner of the firm
    d) In solicitor general of India

    2. Change in constitution of firm takes place in following cases except:
    a) Change in profit sharing ratio
    b) Admission of a Partner
    c) Death of a Partner
    d) Retirement of Partner

  • 13. Registration and Dissolution of a Firm - Quiz

    1. X, Y and Z are partners in a firm. Y and Z died in an accident. X continues the business in the name of the firm?
    a) X cannot continue the business of the firm
    b) X can continue the business of the firm
    c) X alone cannot run a firm
    d) X and legal representative of x and y will have to run the business of the firm

    2. If any mistake has been done in the Register of firms then application for rectification can be given:
    a) By active partner
    b) By majority of the partners
    c) By consent of one partner
    d) By consent of all the partners