Tag: commerce

Questions Related to commerce

A agrees to sell B "a hundred tons of oil".

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. The agreement is valid.

  2. The agreement is void.

  3. The agreement is voidable.

  4. The agreement is illegal.

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Correct Option: B

An agreement for rendering services entered into by a father on behalf of his minor daughter is _______.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Void

  2. Voidable

  3. Valid

  4. Quasi

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Correct Option: A

Demand Documentary Bill Limits _________.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. should be taken as a part of the permissible bank finance

  2. should be taken into account also for the purposes of receivable norms

  3. Both (a) and (b)

  4. None of the above

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Correct Option: C

Contract contingent upon the non- happening of an uncertain future event can be enforced __________.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. when the happening of event becomes impossible

  2. when the event has happened

  3. at the time of making the contact

  4. none of the above

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Correct Option: A

Status quo obligations arise:

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. In case of legal obligations

  2. When the contract is made

  3. Outside scope of the Indian Contract Act, 1872

  4. Within the scope of the Indian Contract Act, 1872

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Correct Option: C

An agent who in receipt of extra commission gives guarantees to his principle that the purchaser of the goods on credit will pay for the goods, is called _____.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Sub-agent

  2. Mercantile agent

  3. Brokers

  4. Del credere agent

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Correct Option: D

When certain circumstances compel a person to act as an agent for another without his express authority, this type of agency is known as ________.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. agency by estoppel

  2. agency by implied authority

  3. agency by necessity

  4. agency by holding-out

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Correct Option: C

Which of the following is an example of immaterial alteration in a negotiable instrument?

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Changing the date

  2. Changing the sum payable

  3. Correcting the spelling

  4. Changing the place of payment

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Correct Option: C

_______ does not effect the free consent of the parties.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Fraud

  2. Coercion

  3. Incompetency of parties

  4. Undue influence

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Correct Option: C

M offers to sell his house to B for Rs. 36 Lakhs and states in his letter that the offer would be considered as accepted if acceptance is not communicated within a certain time. Here, the letter of M would _________.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. amount to a proposal

  2. not amount to a proposal

  3. amount to a promise

  4. amount to acceptance

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Correct Option: B