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WorksheetsLAB 2022-24 Quiz
Total questions: 53
Worksheet time: 53mins
Name
Class
Date
1.
An agreement enforceable by law is a
a)
Promise
b)
Contract
c)
Obligation
d)
Lawful promise
e)
none of the above
2.
A void agreement is one which is -
a)
Valid but not enforceable
b)
Enforceable at the option of both the parties
c)
Enforceable at the option of one party
d)
Not enforceable in a court of law
e)
none of the above
3.
An agreement which is enforceable by law at the option of one or more of the parties thereon but not at the option of the other or others is a
a)
Valid Contract
b)
Void contract
c)
Voidable contract
d)
Illegal contract
e)
none of the above
4.
When the consent of a party is not free, the contract is
a)
Void
b)
Voidable
c)
Valid
d)
Illegal
e)
none of the above
5.
In case of illegal agreements, the collateral agreements are:
a)
Valid
b)
Void
c)
Voidable
d)
Promise
e)
All of the above
6.
An offer may lapse by:
a)
Revocation
b)
Counter Offer
c)
Rejection of offer by offeree
d)
All of these
e)
none of the above
7.
A proposal when accepted becomes a
a)
Promise
b)
Contract
c)
Offer
d)
Acceptance
e)
none of the above
8.
If A says to B “I offer to sell my house to you for ` 10,00,000” and B accepts the offer by saying clearly “I accept your offer”, it is a/an
a)
Implied offer
b)
Express offer
c)
General offer
d)
All of these
e)
none of the above
9.
‘A’ offered a reward of ` 10,000 for recovery of some valuable missing articles. ‘B’ who did not know of this offer, found the missing articles. Which one of the following is the correct solution to this problem?
a)
Giving delivery of articles to ‘A’ amounts to an acceptance and hence ‘B’ is entitled to get the reward of ` 10,000
b)
Giving delivery of articles to ‘A’ amounts to performance of a condition precedent to an offer and hence there is valid acceptance. So ‘B’ must get the reward of ` 10,000
c)
As there is no acceptance of an offer due to want of Knowledge, ‘B’, is not entitled to get the reward of ` 10,000
d)
In the absence of any legal obligation on ‘A’, no claim for reward of ` 10,000 is maintainable by ‘B’.
e)
none of the above
10.
Arun has two cars- one of white colour and another of red colour. He offers to sell one of the cars to
Basu thinking that he is selling the car which has white colour. Basu agrees to buy the car thinking that
Arun is selling the car which has red colour. Will this agreement becomes a valid contract?
a)
Yes
b)
No
c)
Insufficient information
d)
None of the above.
e)
All of the above.
11.
A dress is displayed in the showroom with a price tag attached to the dress. A buyer interested in the dress and ready to pay the price mentioned in the tag approached the shopkeeper for purchasing the dress.
a)
The shopkeeper can refuse to sell the dress as display of dress is just an invitation to offer
b)
The shopkeeper cannot refuse to sell the dress as the buyer has accepted the offer
c)
In case of refusal, the shopkeeper will be liable for breach of contract
d)
The shopkeeper cannot refuse to sell the dress but may charge higher price
e)
none of the above
12.
A agrees to pay ` 1,000 to B if a certain ship returns within a year. However, the ship sinks within the year. In this case, the contract becomes
a)
Valid
b)
Void
c)
Voidable
d)
Illegal
e)
none of the above
13.
A notice in the newspaper inviting tenders is
a)
a proposal
b)
An invitation to proposal
c)
A promise
d)
An invitation for negotiatio
e)
none of the above
14.
A telephonic acceptance is complete when the offer is
a)
spoken into the telephone
b)
heard but not understood by the offeror
c)
heard and understood by the offeror
d)
is received, heard and understood by some person in the offeror’s house
e)
none of the above
15.
A and B agree to deal in smuggled goods and share the profits. A refuses to give B’s share of profit. In this case:
a)
B can enforce the agreement in the court
b)
B can only claim damages
c)
B has no remedy as the contract is illegal
d)
B can enforce the contract and claim damages
e)
All of the above.
16.
Which one of the following statements is correct?
a)
Void agreements are always illega
b)
Illegal agreements are voidable
c)
Illegal agreement can be ratified by the parties
d)
Illegal agreements are always void
e)
none of the above
17.
A voidable contract is one which
a)
Can be enforced at the option of aggrieved party
b)
Can be enforced at the option of both the parties
c)
Cannot be enforced in a court of law
d)
Courts prohibit
e)
none of the above
18.
When offer is made to a definite person, it is known as
a)
General Offer
b)
Cross Offer
c)
Counter offer
d)
Special offer
e)
none of the above
19.
On the face of a ticket, it is mentioned that to look for the terms and conditions look behind. Mr. A bought the ticket but didn’t read the terms and conditions. He:
a)
is not bound by the terms and condition
b)
may decide to bound by certain terms and ignore others
c)
is bound by all the terms and conditions whether he read it or not
d)
none of the above
e)
none of the above
20.
A contract for the sale of goods where property would pass to the buyer on payment of total price would be;
a)
sale
b)
agreement to sell
c)
hire-purchase contract.
d)
sale on approval.
e)
none of the above
21.
The term “goods” under Sale of Goods Act, 1930 does not include
a)
goodwill.
b)
actionable claims.
c)
stocks and shares.
d)
harvested crops.
e)
none of the above
22.
A contract for the sale of “future goods” is
a)
sale
b)
agreement to sell
c)
void.
d)
hire-purchase contract
e)
none of the above
23.
The sale of Goods Act, 1930 deals with the
a)
movable goods only
b)
immovable goods only.
c)
both movable and immovable goods.
d)
all goods except ornaments.
e)
none of the above
24.
Under Sale of Goods Act, 1930 the terms “Goods” means every kind of movable property and it includes
a)
stock and share.
b)
growing crops, grass
c)
both (a) and (b).
d)
immovable goods only.
e)
none of the above
25.
The Sale of Goods Act, 1930 deals with
a)
sale
b)
mortgage.
c)
pledge.
d)
all of the above
e)
none of the above
26.
Which one of the following is true?
a)
the provisions of Sale of Goods were originally with the Indian Contract Act, 1872.
b)
the Sale of Goods Act, 1930 deals with mortgage.
c)
the Sale of Goods Act restricts the parties to modify the provisions of law.
d)
none of the above.
e)
none of the above
27.
Goods which are in existence at the time of the Contract of Sale is known as
a)
present Goods.
b)
existing Goods
c)
specific Goods
d)
none of the above
e)
none of the above
28.
Which of the following is not a form of delivery?
a)
constructive delivery.
b)
structured delivery.
c)
actual delivery.
d)
symbolic delivery.
e)
none of the above
29.
Which one of the following is/are document of title to goods?
a)
railway receipt.
b)
wharfinger’s certificate.
c)
warehouse keeper’s certificate.
d)
all of the above
e)
none of the above
30.
Which one of the following is not true?
a)
document showing title is different from document of title
b)
bill of lading is a document of title to goods.
c)
specific goods can be identified and agreed upon at the time of the Contract of Sale.
d)
none of the above.
e)
none of the above
31.
The term ‘Partnership’ has been defined under ____ of the Partnership Act, 1932:
a)
Section 3
b)
Section 4
c)
Section 5
d)
Section 6
e)
none of the above
32.
A partnership for which no period or duration is fixed under the Indian Partnership Act is known as:
a)
Unlimited partnership
b)
Co-ownership
c)
Particular partnership
d)
Partnership at will
e)
none of the above
33.
The most important elements in partnership is:
a)
Business
b)
Sharing of profits
c)
Agreement
d)
Business to be carried on by all or any of them acting for all.
e)
none of the above
34.
A firm is the name of:
a)
The partners
b)
The minors in the firm
c)
The business under which the firm carries on business
d)
The collective name under which it carries on business
e)
none of the above
35.
A partnership formed for the purpose of carrying on particular venture or undertaking is known as:
a)
Limited partnership
b)
Special partnership
c)
Joint venture
d)
Particular partnership
e)
none of the above
36.
In the absence of agreement to the contrary all partners are:
a)
Not entitled to share profits
b)
Entitled to share in capital ratio
c)
Entitled to share in proportion to their ages
d)
Entitled to share profits equally
e)
none of the above
37.
A partnership at will is one:
a)
Which does not have any deed
b)
Which does not have any partner
c)
Which does not provide for how long the business will continue
d)
Which cannot be dissolved.
e)
none of the above
38.
What among the following is not an essential element of partnership:
a)
There must be an agreement entered into by all the persons concerned
b)
The agreement must be to share the profits of a business
c)
The business must start within six months from the date of agreement
d)
The business must be carried on by all or any one of them acting for all
e)
none of the above
39.
Partnership is a relationship, which arises from:
a)
Operation of law
b)
An agreement
c)
Status
d)
Almighty
e)
none of the above
40.
Which is not a characteristics of partnership firms?
a)
Perpetual succession
b)
Unlimited liability of partners
c)
Mutual agency
d)
Sharing of profits of business
e)
none of the above
41.
Maximum number of members under a private company as provided under the Companies Act, 2013.
a)
50
b)
150
c)
200
d)
No limit
e)
none of the above
42.
Document that regulates the management of internal affairs of a company ar
a)
Memorandum of Association
b)
Prospectus
c)
Article of Association
d)
Certificate of incorporation
e)
none of the above
43.
Under the Companies Act, 2013, “Significant influence” constitutes how much % of total share capital or of business decisions under an agreement?
a)
At least 2%
b)
At least 2.5%
c)
At least 10%
d)
At least 20%
e)
none of the above
44.
A Private Company which is subsidiary of a Public Company is treated as-
a)
Public Company
b)
Private Company
c)
Holding Company
d)
Dormant Company
e)
none of the above
45.
Which one of the following is not the content of the Memorandum of Association?
a)
Name clause
b)
Registered office clause
c)
Objects clause
d)
Board of Directors clause
e)
none of the above
46.
An Act is said to be ultra vires a company when it is beyond the powers.
a)
Of the Company
b)
Of the Directors
c)
Of the Directors but not the company
d)
Conferred on the company by the Articles of Association
e)
All of the above
47.
Turquand Rule is related to:
a)
Doctrine of ultra vires
b)
Doctrine of constructive notice
c)
Doctrine of indoor management
d)
Doctrine of subrogation
e)
none of the above
48.
The minimum number of members in a private company and public company are
a)
Three and Seven respectively
b)
Two and seven respectively
c)
Two and nine respectively
d)
None of the above
e)
none of the above
49.
Only a natural person who is an Indian citizen and who has stayed in India for a period of at least _____
days during the immediately preceding financial year shall be eligible to incorporate an OPC.
a)
180 days
b)
181 days
c)
120 days
d)
183 days
e)
none of the above
50.
XYZ Limited is having 15% share capital held by X Limited and 50% held by Central Government and 10% held by State Government and 25% held by other people then that company will be _________ .
a)
Government Company
b)
Private Company
c)
Public Company
d)
Dormant company
e)
none of the above
51.
Your Name
4 lines
52.
Your Roll No (like PF2224-A001)
4 lines
53.
Your Class Division_____
4 lines
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