Mercantile Laws Test - 10
| Description: Mercantile Laws Test - 10 | |
| Number of Questions: 40 | |
| Created by: Sara Dalvi | |
| Tags: Mercantile Laws Test - 10 Mercantile Laws |
Which of the following is correct?
As per Section 11 of The Indian Contract Act, 1872 every person is competent to contract provided he
Necessary condition for existing goods is
Which of the following are the characteristics of a contingent contract?
Agency by ostensible authority may happen in the following ways:
The action of goods being physically delivered to the buyer is known as
A tells his wife that he would commit suicide, if she did not transfer her personal assets to him. She does so under his threat.
Which of the following agreements are void?
In case of a hire - purchase the hirer
A sold some land to B. At the time of sale both the parties believed to be in good faith that the area of the land sold was 10 hectares. It however, turned out that the area was 7 hectares only. How is the contract of sale affected?
Which one of the following is a legal requirement regarding consideration?
In case of a firm carrying on the business other than banking
Which of the following conditions is/are implied in a contract of sale of goods unless the circumstances of the contract show a different intention?
Exceptions to the statement “No consideration, no contract” are the following.
The distinction between fraud and misrepresentation are the following:
True test of partnership is
The essential elements of a partnership at will are
Where a person asserts something which is not true, though he believes it to be true, his assertion amounts to
The following are the essential elements which need to co-exist in order to make a valid contract.
_____________ does not exist.
The test of good faith as required under Section 33(1) includes the following:
The communication of an acceptance is complete as against the acceptor,
Total substitution of new contract in place of the old contract takes place in case of
An agency coupled with interest does not come to an end in case of
Profits of a partnership firm must be distributed among the partners as per the partnership deed while the profits of a company
Delivery which is effected without any change in the custody or actual possession of the thing is known as
A contract to do or not to do something if some event, collateral to such contract does or does not happen is
The principle evolved in the case of Garner v. Murray (1904) is
Discharge by mutual agreement may involve
The latin maxim “Nemo dat quod non habet” means
Right of lien is to
Quasi - contracts arise
Rules regarding delivery of goods are dealt in the __________ of the Sale of Goods Act, 1930.
Non - registration of a partnership firm
The rule stated under Section 26 of the Sale of Goods Act, 1930 is subject to _________ exceptions.
A and B are partners in a partnership firm. A introduced C, a former partner, as his partner to D. C remained silent at that moment, but later on informed D that he is actually a former partner of the firm. C had also issued public notice in the year of his retirement from the partnership firm. D, a trader supplied 500 refrigerators to the firm on credit. The credit period expired and D did not get the price of his supplies. D filed a suit against A & C for the recovery of price. In light of the above circumstances answer which of the following is correct
A contracts to pay B Rs. 5,00,000/- if B`s house is destroyed by fire. It is
A person who finds goods belonging to another and takes them into his custody
H contracted with NIC Corporation for the erection of a number of houses. In calculating his price for the houses, H by mistake deducted a particular sum twice over. The corporation affixed its seal to the contract, which correctly represented its intention.
A intending to deceive B falsely represents that 750 tons of sugar is produced per annum at the factory of A and hereby induces B to buy the factory. The contract is avoidable at the option of