PART B MERCANTILE LAW
61. A telegraphed to B “will you sell me your house? Let me know the lowest price” B replied “Lowest price is Rs.900.” A agreed to buy and asked for title deeds. There is no reply from B. Is B under obligation to sell? a) Yes, B should sell the house because the offer with the lowest price is accepted by A b) No, there was no contract because B has communicated only the lowest price c) Yes because communication of lowest price it self-forms a contract d) No, because offer is of negative nature.
62. A and B entered into a contract where first part is legal and the second is illegal. Here former part is ____ and later part is ______ a) Void, valid b) valid, void c) Void, void d) None
63. An agreement in which consideration is unlawful becomes ____ a) void b) voidable c) Valid d) unenforceable
64. Doctrine of privity of contract means: a) Third party can sue upon a contract b) Consideration must move at the desire of promisor c) Consideration may move from promisee or any other person d) Consideration is valid when it moves at desire of promisor.
65. Which is false regarding consideration? a) Consideration must be adequate b) Consideration must be real c) Consideration may move from third party d) All of the above
66. In case of sale of shares : a) Shares can be sold to minor b) Minor’s guardian can act on behalf of minor c) Minor is a share holder for profits, but he has no voting rights . d) Minor can become a member only in Register of members.
67. The agreement is void with ____ a) Mistake b) Misrepresentation c) Coercion d) Fraud
68. In case of misrepresentation, parties have option to a) Alter the contract b) Rescind the contract c) Novate contract d) Accord the contract
69. A buys a lottery ticket of Rs. 500/-. It comes under ____ agreement/contract. a) Wagering b) contingent c) Uncertain d) certain
70. An agreement in restraint of marriage is _____ a) Fraud b) Misrepresentation c) Mistake d) Opposed to public policy
71. In case of wagering agreement, the event is __ a) Collateral b) Certain c) Uncertain d) None
72. Wagering agreement is of _______ nature a) Contingent b) Illegal c) Void d) None
73. If a creditor does not file a suit against buyer for recovery of price with is 3 years, the debt becomes : a) Time barred and irrecoverable b) Time barred and recoverable c) Not time based d) None
74. _______ of contract can take place without consideration a) Alteration b) Rescission c) Novation d) Remission
75. The subsequent change in law leads to ____ a) Supervening impossibility b) Partial impossibility c) Commercial impossibility d) Material alteration
76. On which of the following grounds, a partner need not apply to the court for dissolution of the firm: a) Insanity of partner b) Perpetual losses c) Misconduct of partner d) Business becoming unlawful
77. A promise can be performed by a) Promisor himself b) Agent c) Legal representation d) All of the above
78. Some persons formed a group to collect money for the purpose of giving financial assistance to widows. Here is: a) Partnership b) no partnership c) Either (a) or (b) d) None
79. A partner can retire form the firm a) When assignee is appointed b) When he attains certain age c) In accordance with partnership deed d) When the nominee becomes partner
80. In case of no agreement among partners insolvency of partner leads to: a) Dissolution of firm b) Dissolution of partnership as well as firm c) Neither dissolution of firm nor dissolution of Partnership d) None
81. Which of the following is/ are partnership/s? a) A and B invest money to buy goods in auction by customs authorities, to sell and to share profits there on equally. b) Joint Hindu family business c) A and B are Co-owners of a house and handed over it to C on lease basis They agreed to share rent equally d) None
82. Right of a partner to open a bank account on behalf of the firm in his own name is not with in the scope of ____ authority. a) Implied b) Express c) Specified d) Restrictive
83. Non registration of the firm will not effect the following: a) Claim of set off below Rs.100/- b) Suit by a third party against partners c) Claim by official receiver of insolvent partner d) All of the above
84. Which of the following is incorrect? a) A partner can be expelled by majority of Partners b) A partner can be expelled in good faith c) Power to expel partner must exist in Contract between partners d) Opportunity of being heard is not required at the time of expulsion of partner
85. The partner who gets share its profits: a) Sub partner b) Nominal partner c) Active partner d) None
86. In case of partnership, dissolution can be done by notice in case of a) Partnership at will b) Partnership for fixed time c) Particular partnership d) None
87. A,B and C are partners in a financial firm. X a customer of firm deposits certain securities with the firm for safe custody. A & B sell away the securities without the knowledge of C. who will be liable for damages? a) Only A and B b) A,B, and C are liable to x for the full values c) A,B, and C are liable for nominal value d) Nobody will be liable
88. A Contracts with B to sell a new Car. But A delivers an old Car. Here is: a) breach of contract b) breach of exchange c) breach of condition d) breach of guarantee
89. Caveat emptor means: a) The seller should be beware b) The buyer should be beware c) Both a) & b) d) None
90. In an agreement to sell, transfer of property takes pace in _____ a) past b) present c) Future d) both b) & c)
91. In a contract of Sale, Condition is ____ to main purpose of contract. a) Essential b) Collateral c) Non essential d) None
92. Auctioneer is ____ of owner of goods a) Seller b) Bailee c) Agent d) None
93. In which of the following cases, the seller can exercise right of stoppage of goods in transit: a) When buyer becomes insolvent b) When possession is not transferred c) When seller is unpaid d) None
94. X agrees to deliver 100 kgs. Of wheat in exchange of 10 liters of milk. It is: a) Contract of sale b) Agreement to sell c) Goods sent on approval d) Barter
95. In an agreement to sell where goods are under the possession of seller and buyer breaches the contract, the remedy available to seller is : a) Suit for damages b) No suit can be filed c) Suit for price d) None
96. In a contract of sale, consideration can be : a) In any form other than money b) Only in the form of money c) Gratuitous or non-gratuitous d) None
97. A document becomes document of title to goods if _______ undertaking to deliver the goods to holder exists a) Statutory b) Conditional c) Unconditional d) None
98. A horse is sold on sale or return basis where trial period is 3 days. Horse dies on second day with out fault of either party. Who has to bear the loss? a) Seller b) Buyer c) Both d) None
99. The buyer of goods gets good title, if the seller had acquired goods under a) Void Contract b) Contract c) Voidable Contract d) None
100. When agent sells goods on behalf of principal, the buyer gets good title where the agent is a) Ordinary agent b) Mercantile agent c) Deemed agent d) None
Part B – MERCANTILE LAWS
61. B 62. B 63. A 64. A 65. A 66. B 67. A 68. B 69. A 70. D 71. C 72. A 73. A 74. D 75. A 76. D 77. D 78. B 79. C 80. B 81. A 82. A 83. D 84. D 85. C 86. A 87. B 88. C 89. B 90. C 91. A 92. C 93. A 94. D 95. A 96. B 97. C 98. A 99. C 100. B
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