Business Law

1) Which one of the following element is not necessary for a contract ?

A) Competent parties

B) Reasonable terms and conditions.

C) Free consent

D) Lawful consideration .

• a

• a+b

• a+b+c

• a+b+c+d

2) An agreement becomes a contract if :

• it is by free consent of the parties

• Parties are competent

• it is enforceable by law

• None of the above

Consider the following statements :

 

1. If an infant obtains property or goods by misrepresenting his age, he can be compelled to restore it even though the infant has sold the Goods or converted them.

2. There is no estoppel against minor.

Which of the statement given above are correct?

• 1 only

• 2 only

• both 1 and 2

• neither 1 nor 2

A petient in a lunatic Asylum who is at intervals of sound mind :

• May not contract.

• May contract

• May contact during those intervals when he is of sound mind.

• May contract only after he becomes completely of sound mind .

An agreement not enforceable by law is said to be:

• A contract

• Void

• A voidable contract

• A void contract

When the communication of a proposal is complete:

• When it do not comes to the knowledge of the person to whom it is made.

• When it comes to the knowledge of another person that some communication was made to the concerned person.

• When it comes to the knowledge of the person to whom it is not made.

• When it comes to the knowledge of the person to whom it is made.

When an acceptance may be revoked:

• An acceptance may be revoked at any time before the communication of the acceptance is complete as against the proposer, but not afterwards.

• An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.

• An acceptance may be revoked at any time before the communication of the acceptance is incomplete as against the acceptor, but not afterwards.

• An acceptance may be revoked at any time after the communication of the acceptance is complete as against the acceptor, but not afterwards.

A, being in debt to B, the money lender of his village, contracts a fresh loan on terms which appear to be unconscionable. This will be termed as:

• Fraud

• Coercion

• Undue influence

• Misrepresentation

Where both the parties to any agreement are under a mistake as to a matter of fact essential to the agreement,

• The agreement is voidable.

• The agreement can’t be enforceable at law.

• The agreement is void.

• The agreement is not void.

The consideration or object of an agreement is lawful, unless:

• The Court regards it as immoral, or opposed to public policy.

• It is forbidden by law or Is of such a nature that, if permitted, it would defeat the provisions of any law.

• Is fraudulent or involves or implies injury to the person or property of another.

• All of the above