Business Law

When A parks the car in paid parking lot, there is a _________ contract

• Bilateral

• Executory

• Implied

• Express

A transaction collateral to illegal agreement is illegal

• True

• False

The case Balfour v Balfour laid down which essential of a valid contract?

• No consideration no contract

• Intention to create legal obligations

• Certainty of terms

• Possibility of performance

'A' sells to 'B' (A's daughter) a horse which 'A' knows to be unsound. 'A' says nothing to 'B' about the unsoundness of the horse.

• Silence here does not amount to fraud

• Silence here amounts to fraud

• 'A' has committed misrepresentation.

• A has committed coercion

Doctrine of privity of contract means..

• Stranger to consideration cannot sue

• Consideration must flow from the party to the contract

• Stranger to contract can sue

• Stranger to contract cannot sue

Mark the statements that are true

• Consideration must be adequate

• Agreement without consideration is valid

• Contract of agency is valid without consideration

• Agreement to compensate for past voluntary service is valid

Which statement is false

• Promise to give a gift is valid

• Completed gift is valid

While taking a life insurance policy, in reply to questions by the insurance company during the inquiry into his proposal, Zameer deliberately concealed the fact of his medical treatment for a serious ailment, which he had undergone only a few weeks ago.

• (A) The act of Zameer did not amount to fraud, as disclosing the fact would have resulted in exposure of his privacy.

• (B) The act of Zameer amounted to innocent misrepresentation.​​ 

• (C) The act of Zameer did not amount to any misrepresentation.

• (D) The concealment of fact by Zameer amounted to fraud.

Unsoundness of mind may arise from..

• Idiocy

• Drunkenness

• Old age

• Hypnotism

Subsequent adoption and acceptance of some previous act is called

• Restitution

• Ratification

• Remission

• Rescission