Business Law - II Quiz

A contract can be discharged by:

• Mutual agreement and performance
• Lapse of time and operation of law
• Breach of contract
• All of these

If a new contract is substituted in place of an existing contract it is called

• Alteration
• Rescission
• Novation
• Waiver

The original contract need not be performed if there is

• Alteration of contract
• Rescission of contract
• Novation
• All of these

A lets out a theatre to B for a series of drama for certain days. The theatre was completely destroyed by fire before the scheduled dates. In the case:

• The contract is discharged by impossibility of performance
• The contract is void ab initio
• The contract is voidable at the option of B
• The contract remains valid and must be performed

The remedies open to a person, aggrieved from breach of contract are:

• Suit for Damages
• Suit for Injunction
• Suit upon Quantum Meruit
• All of these

X, a T.V artist promised to work exclusively for Y for one year. Later on, X refused to work for Y and started working for Z. In this case Y can bring

• Y has no remedy
• Suit for injunction to prevent X to work for Z
• Suit upon Quantum meruit
• X may work for Z

Specific Performance may be ordered by the court when:

• Damages are an adequate remedy
• Damages are not an adequate remedy
• Defaulting party is not ready to pay damages
• The contract is of a revocable nature

The person in respect of whose default, the guarantee is given is called

• Principal debtor
• Principal creditor
• Principal surety
• Principal bailee

In contract of indemnity how many parties are required ?

• 4
• 3
• 2
• 1

The guarantee of single transaction is

• General guarantee
• Continuous guarantee
• Implied guarantee
• None of these