Business law (ICA &TSGA)

Property in goods means ____________

• ownership

•  possession

• delivery

• subject matter of contract

Consideration means ____________

• exchange

• fraud

•  something in return

• none of these

Consideration-

• must be adequate to the promise made

• need not be adequate to the promise made

• must be of reasonable value

• must be of more value than the value of promise made

An agreement not enforceable by law is said to be ________ 

•  void

•  voidable

• valid

• unenforceable

 A person below the age of _______ is considered as a minor.

• 20

• 32

• 18

• 16

 Contract of sale is divided into _________________

•  sale and hire purchase agreement

• agreement to sell and bailment

• hire purchase agreement plus bailment

•  sale and agreement to sell

Consideration in a contract - 

• may be past, present or future

• may be present or future only

• must be present only

•  must be future only

 A stipulation collateral to the contract is called __________

• Warranty

• Terms

• Condition

•  None of these

The doctrine of Caveat Emptor means _____________

• Seller beware

• buyer beware

• seller and buyer both beware

• Fraud

 Sale creates a ___________

• right in rem

• right in personam

• general right

• None of these