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WorksheetsCommercial Law - MCQs
Total questions: 20
Worksheet time: 10mins
What is the primary purpose of the Law in society?
To promote inequality
To restrict individual freedoms
To favor certain groups over others
To maintain order, justice, and protect rights
Which school of law is concerned with the intersection of law and gender, advocating for legal changes to address gender-based inequalities?
Legal Realism
Feminist Legal Theory
Historical School
Natural Law
According to Legal Positivism, what is the law's validity based on?
Morality
Social acceptance
Legislative enactment
Natural order
The Natural Law theory suggests that an unjust law is:
Always morally valid
Valid if it serves the greater good
Invalid and should be challenged
Valid if enacted by a democratic government
Which school of law asserts that law is a reflection of the will of the sovereign authority and must be obeyed regardless of its content?
Legal Realism
Positivist Law
Utilitarianism
Feminist Legal Theory
Who is the head of the judiciary in Sri Lanka?
The President
The Prime Minister
The Chief Justice
The Attorney General
What is the primary legal instrument that holds the status of the paramount legal document in Sri Lanka?
The Vinaya Pitaka
Supreme Court Rules
The Mahavamsa
The Constitution of Sri Lanka
Which of the following elements is NOT required for a valid contract to exist?
Offer and acceptance
Legal purpose
Capacity of the parties
Written agreement
In contract law, an invitation to treat is:
A valid contract
An offer that can be accepted immediately
A preliminary negotiation or invitation for others to make an offer
A legally binding commitment
What is the legal term for an agreement in which both parties make mutual promises to each other?
Unilateral contract
Bilateral contract
Executed contract
Express contract
What is the legal term for a contract that is missing one or more essential elements and is not enforceable by a court?
Voidable contract
Unilateral contract
Void contract
Executed contract
Which of the following is an example of a unilateral contract?
A sales contract where both parties promise to pay each other
A reward offer for the return of a lost item
A lease agreement for an apartment
A partnership agreement between two businesses
In contract law, an "offer" is best defined as:
An expression of willingness to negotiate.
A promise to pay a certain amount of money
A proposal indicating a person's willingness to enter into a contract on specific terms
An implied agreement between parties.
Which of the following statements is true regarding an invitation to treat?
It is a definite proposal to enter into a contract.
It is a preliminary communication that invites others to make an offer.
It is the same as an offer in contract law.
It is legally binding once communicated.
When does an acceptance take effect in a contract formed by post ?
At the moment, it is posted.
When it is received by the offeror.
Upon confirmation by a notary public.
After the expiration of a reasonable time.
In the event of a partnership's dissolution, how are the remaining assets typically distributed among the partners?
Equally among all partners
In proportion to their original capital contributions
Based on their age
Randomly assigned by the court
In a partnership agreement, how are profits and losses generally shared in the absence of specific provisions?
Equally among all partners
Proportionate to capital contributions
According to each partner's age
Randomly determined each year
Which of the following is TRUE with regard to a partnership?
A minimum of 20 partners is required
A certification by a Notary Public is required
Registration with the government is required
There is no separate legal personality
The liability of a partner in a general partnership is:
Limited to the amount of their investment
Unlimited for the debts of the partnership.
Limited to the amount of their investment, unless they have agreed to be liable for more.
Unlimited for the debts of the partnership, unless they have agreed to be liable for less.
A partnership can be dissolved by:
agreement of the partners
lapse of time
a court order
All of the above
